Technical summary:
This sideways correction/consolidation jas just become even more complex than it already where. The failure to hold the break above the resistance line was really disappointing, but the leading expanding diagonal could still be developing as long as support at 1.5705 and more importantly as long as support at 1.5643 protects the downside. If however support at 1.5643 is broken too, then a new decline towards 148.13 should be expected.
Trading recommendation:
Our stop at 158.40 was hit for a loss and we will stay neutral for now.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for December 19 - 2014 . Thanks for your support.
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