InstaForex - Analytics

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    Elliott wave analysis of EUR/NZD for February 1, 2016 2016-02-01

    2016-02-01-EURNZD-8H.png

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    Wave summary:

    We continuously expect minor support at 1.6603 to protect the downside for a breakout above minor resistance at 1.6849 and more importantly a breakout above 1.6948 confirming more upside pressure towards 1.7273 and 1.7641.

    Only an unexpected breakout below 1.6603 will delay the expected rally higher (for a more complex corrective decline) towards 1.6372 before the next impulsive rally higher takes place.

    Trading recommendation:

    We are long EUR from 1.6706 with stop placed at 1.6600. If you are not long EUR yet, then buy on a breakout above 1.6849 and use the same stop at 1.6600.


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