Elliott Wave Analysis of EUR/NZD for April 12 - 2016
We were looking for a break above resistance at 1.6830 and instead we have seen a break below support at 1.6605. This cross continues to disappoint and do whatever it can to cover up its real intentions.
We will stay focused towards the upside as long as support at 1.6373 is able to protect the downside and will be looking for support near 1.6499 for a break above 1.6656 for a new test of resistance at 1.6830 and 1.6874 and only above the latter calls for upside acceleration.
Our stop at 1.6600 was hit for a nice profit. We will buy EUR again at 1.6505 or upon a break above 1.6653 with stop placed at 1.6370.
The material has been provided by InstaForex Company - www.instaforex.com