Elliott Wave Analysis of EUR/NZD for April 11 - 2016

Elliott Wave Analysis of EUR/NZD for April 11 - 2016

11 April 2016, 08:40
Roberto Jacobs
0
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Elliott Wave Analysis of EUR/NZD for April 11 - 2016


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Wave summary:

EUR/NZD is still consolidating the break above the minor resistance line near 1.6665. We continue to look for upside acceleration towards 1.7220 on the way higher to 1.8550, but first, we need to see a break above minor resistance at 1.6788 to give the "Go Ahead" for the next part of the rally higher.

Short-term minor support is seen at 1.6675 with back-up support at 1.6642, which should be able to protect the downside for a break above resistance at 1.6788 opening up for the rally to 1.7220 and above.

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 a break above 1.6788 and use the same stop at 1.6600.


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


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