Elliott Wave Analysis of EUR/NZD for April 29 - 2016
The corrective decline in red wave ii became deeper than expected with a low at 1.6196, but it seems to be over. A break above minor resistance at 1.6365 and more importantly a break above resistance at 1.6395 will confirm for a new rally to the 1.6592 higher and above towards 1.6874 and above.
Short-term support is seen at 1.6275, which is expected to protect the downside for a break above 1.6365.
Our stop at 1.6285 was hit for a nice profit. We will buy EUR upon a break above 1.6365 with stop placed at 1.6190.
The material has been provided by InstaForex Company - www.instaforex.com