For Traders

Analytical Reviews

Wave analysis

20.10.201610:11 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for October 20, 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:

The corrective decline in wave (ii) finally looks complete with the test of 1.5066. We will be looking for a break above minor resistance at 1.5271 as the first indication that wave (iii) higher finally has taken over for a rally to 1.5764 and higher to 1.6850.

It will take an unexpected break below support at 1.4989 to invalidate the bullish count, but even if such an unexpected break is seen the potential downside should remain limited.

Trading recommendation:

We are long EUR from 1.5285 with stop placed at 1.4985. If you are not long EUR yet, then buy a break above 1.5271 and use the same stop at 1.4985.

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.