InstaForex - Analytics

InstaForex

719.00 6.50/10
61% of positive reviews
Real

Elliott wave analysis of EUR/NZD for August 3, 2015

2015-08-03-EURNZD-4H.png

Show full picture

Technical summary:

A break above 1.6602 indicated that the correction in wave 2 ended at 1.6374 and a new impulsive rally higher to 1.7277 is developing. In the short term, we expected the former resistance at 1.6602 to act as resistance for a break above 1.6826.

Only an unexpected break below the support at 1.6374 will call for a more complex correction in wave 2 and more downside towards 1.6035.

Trading recommendation:

We are long EUR from 1.6603 and will place out stop at 1.6370. If you are not long EUR yet, buy near 1.6555 or upon a break above 1.6826 and use the same stop at 1.6370.



To leave a comment you must be or register

By visiting our website and services, you agree to the conditions of use of cookies. Learn more I agree