For Traders

Analytical Reviews

Wave analysis

09.02.201606:47 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for February 9, 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.

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.

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.