Elliott Wave Analysis of EUR/NZD for April 27 - 2016

Elliott Wave Analysis of EUR/NZD for April 27 - 2016

27 April 2016, 10:56
Roberto Jacobs
0
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Elliott Wave Analysis of EUR/NZD for April 27 - 2016


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Wave summary:

We are still waiting for a break above important resistance at 1.6490 to confirm that an important bottom has been seen at 1.6062. A break above the 1.6490 resistance will call for much more upside towards 1.6830 at first, but in the long term even higher highs near 1.8420 and above should be seen.

Short-term support is seen at 1.6304 that should be able to protect the downside for a break above 1.6490.

Trading recommendation:

We are long in EUR from 1.6105 and will move our stop higher to 1.6285. If you are not long in EUR yet, then buy a break above 1.6490 and use the same stop at 1.6285.


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


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