Technical summary:
The decline from the blue wave iv top at 1.5331 has unfolded perfectly and we should be close to a bottom for blue wave v and red wave iii calling for another correction in red wave iv to just below the blue wave iv high at 1.5331. The ideal target for blue wave v is at 1.4729, for the correction higher.
Trading recommendation:
We are short in EUR from 1.5320 and will place our stop+reverse at 1.4855 and take profit+reverse at 1.4745.
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 January 19 - 2015 . Thanks for your support.
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