Technical summary:
We are still locked in the range between 1.5788 to the downside and 1.6000 to the upside. Only a break out of this range will get things going again. We still favor a break towards the upside, for a rally towards 1.6274 on the way higher to 1.6446 and 1.6800. That said, the risk of cause is a break below 1.5788, that will delay the expected rally for a move closer to 1.5722 before the next rally should be expected.
Trading recommendation:
We are long in EUR from 1.5830 with stop placed at 1.5775. If you are not long in EUR yet, then buy near 1.5788 or upon a break above 1.5991 with the same stop.
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 5 - 2014 . Thanks for your support.
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