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08.01.201607:08 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for January 8, 2016

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.

Exchange Rates 08.01.2016 analysis

Wave summary:

The rally of the wave ii low at 1.5794 continues progressing higher. We have now seen the resistance at 1.6445 tested, but not broken clearly. We think that the minor support at 1.6238 will be able to protect the downside for the next rally through resistance at 1.6445 for continuation higher to 1.6583 and likely even higher to 1.6736 as next upside targets.

Only a break below the support at 1.6131 would arouse concerns.

Trading recommendation:

We are long EUR from 1.5810 and will move our stop higher to 1.6125. If you are not long EUR already, then buy EUR near 1.6290 and use the same stop at 1.6125.

Torben Melsted
Analytical expert of InstaForex
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