Elliott Wave Analysis of EUR/NZD for April 28 - 2016
We finally saw a break above the important short-term resistance at 1.6499 to indicate that an important low was seen at 1.6062 and a new impulsive rally is developing.
In the short term, we continue to look for support near 1.6285 that we expect will protect the downside for a new rally to above 1.6592, for a move closer to 1.6830 and above confirms a continuation towards 1.8420.
Only an unexpected break below 1.6062 will invalidate the bullish outlook.
We are long in EUR from 1.6105 with stop placed at 1.6285. If you are not long in EUR yet, then buy near 1.6300 and place stop at 1.6060.
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