Elliott wave analysis of EUR/NZD for October 19, 2015 Market Analysis Review

Wave summary:

We continue to look for confirmation that a firm bottom was seen at 1.6486 and the first strong indication will be a break above resistance at 1.6851. In the short term, we expected minor support near 1.6593 to protect the downside for a break above minor resistance at 1.6771 and more importantly above resistance at 1.6851 for a continuation above 1.7198.

It will take an unexpected break below 1.6486 to indicate that the correction from 1.9114 is not over yet.

Trading recommendation:

We are long EUR from 1.6555 and keep our stop at 1.6480 for now. If you are not long EUR yet, then buy near 1.6593 and use the same stop at 1.6480.

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 October 19, 2015 . Thanks for your support.