04.07.201216:11 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for July 22, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical summary:

A break below support at 1.6349 indicates that wave 1 has found a top at 1.6812 and correction in wave 2 is unfolding now. We will be looking for an opportunity to test the level of 1.6115, which acts as both the bottom of wave (iv) and the 23.6% corrective target.

In the short term, we will look for resistance to be found at 1.6568, to break below minor support at 1.6400 confirming that the next part of a decline towards 1.6115 is taking place.

Trading recommendation:

Our stop at 1.6425 was hit with a loss and we sell EUR at 1.6565 our stop placed at 1.6640. Take profit will be placed at 1.6125.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.