empty
 
 
12.01.2016 06:40 AM
Elliott wave analysis of EUR/NZD for January 12 - 2016

This image is no longer relevant

Wave summary:

We expect that the minor correction from 1.6841 down to 1.6468 is enough to resume the underlying uptrend for a rally past resistance at 1.6841. A firm break above 1.6841 will call for upside acceleration with the next targets to look for at 1.7132 and 1.7838.

Should the low at 1.6468 be broken, the next corrective target will be found at 1.6418, but at no time support at 1.6242 is likely to be broken.

Trading recommendation:

We remain long EUR from 1.5810 with our stop placed at 1.6235. If you are not long EUR yet, then buy near 1.6471 and use the same stop at 1.6235.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback