InstaForex - Analytics


    699.25 6.25/10
    61% of positive reviews

    Elliott wave analysis of EUR/NZD for February 9, 2016 2016-02-09


    Show full picture

    Wave summary:

    A breakout above the minor channel resistance line indicated that the correction from 1.7273 had ended early at 1.6473. With a breakout above the minor resistance line and a breakout above resistance at 1.7008, we should see a continuation higher to 1.7273 en route to 1.7611 and higher to 1.8022 as the next upside targets.

    Support is now seen at 1.6842, which will ideally protect the downside for a rally towards 1.7273 and higher.

    Trading recommendation:

    We are long EUR from 1.6705 and will move our stop higher to break-even. If you are not long EUR yet, then buy near 1.6850 and use the same stop at 1.6705.

    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