Elliott Wave Analysis of EUR/NZD for April 8 - 2016

Elliott Wave Analysis of EUR/NZD for April 8 - 2016

8 April 2016, 09:07
Roberto Jacobs
0
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Elliott Wave Analysis of EUR/NZD for April 8 - 2016


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Wave summary:

We continue to look for upside acceleration and expect this will be seen once resistance at 1.6874 is overcome. In the longer term, we are looking for a strong rally in wave [iii] higher towards 1.8550.

In the short term, support is seen at 1.6605 and again at 1.6550, but ideally support at 1.6605 will be able to protect the downside for the expected break above 1.6874.

Trading recommendation:

We are long in EUR from 1.6250 with stop placed at 1.6600. If you are not long in EUR yet, then buy near 1.6605 or upon a break above 1.6874 and use the same at 1.6600.


The material has been provided by InstaForex Company - www.instaforex.com


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