InstaForex - Analytics


    736.75 6.25/10
    62% of positive reviews

    Elliott wave analysis of EUR/NZD for July 23, 2015


    Show full picture

    Technical summary:

    A back-test of the broken support-line has been seen and we are looking for a decline to the bottom of wave (iv) at 1.6035, which also marks the 23.6% corrective target of a rally in wave 1. This correction is wave 2 could be deep, but we have seen the cross producing only very small corrections in the second wave and therefore do not want to overstate the downside potential.

    Trading recommendation:

    We sold EUR at 1.6565 with stop placed at 1.6640 and take profit placed at 1.6125. Do not be too aggressive towards the downside thus.

    To leave a comment you must or Join us

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