Elliott Wave Analysis of EUR/NZD for April 15 - 2016
After the strong rally of the 1.6244 low, we saw a rally to 1.6492 followed by a corrective decline to 1.6302 and we are now looking for a break above minor resistance at 1.6450 confirming the next impulsive rally higher to at least 1.6705 and more likely higher to 1.6955 as wave 3 finally begins to accelerate higher.
Only an unexpected break below 1.6244 will invalidate the bullish outlook.
We are long in EUR from 1.6325 with stop placed at 1.6225. If you are not long in EUR yet, then buy upon a break above 1.6450 and place stop at 1.6300.
The material has been provided by InstaForex Company - www.instaforex.com