InstaForex - Analytics


    736.75 6.25/10
    62% of positive reviews

    Elliott wave analysis of EUR/NZD for October 9, 2015


    Show full picture

    Technical summary:

    We are reaching the first downside target at 1.6781. In the short term, we will see minor resistance at 1.7016 protecting the upside for a decline to 1.6781. A breakout above minor resistance at 1.7016 indicates that the bottom is in place for a rally back to at least 1.7125. Above here, we expect the first strong indication that wave 2 is over and a new impulsive rally is developing.

    Trading recommendation:

    If you are short EUR then move you stop lower to 1.7020 and keep your take profit at 1.6790. You might even consider buying EUR at 1.6790 with a stop at 1.6680.

    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