Elliott wave analysis of EUR/NZD for October 20, 2015 Market Analysis Review

Wave summary:

We thought that a firm bottom was seen at 1.6486 and a new impulsive rally was slowly developing. In the short term, we would like to see a break above the base-channel resistance line near 1.6851 for a continuation higher towards important resistance at 1.7198. It will confirm that a firm bottom is in place.

In the long term, a breakout above 1.7198 will also call for a rally higher to 1.8021 and above here being very bullish.

Only an unexpected breakout below 1.6485 will point to more downside pressure.

Trading recommendation:

We are long EUR from 1.6555 with stop placed at 1.6480. If you are not long EUR yet, buy near 1.6590 or upon a break above 1.6750 and use the same stop at 1.6480.

The material has been provided by InstaForex Company - www.instaforex.com

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