Elliott wave analysis of EUR/NZD for October 21, 2015 Market Analysis Review

Wave summary:

We have seen an expected move higher. Now we are looking for a break above the base-channel resistance line near 1.6858 and a break above here will confirm upside acceleration.

We still need a break above important resistance at 1.7198 to confirm that a firm bottom was seen at 1.6486 and a new rally to at least 1.8019 is unfolding. A break above 1.8019 will be very bullish and call for a continuation higher to 1.9114 and above toward 2.1242 in the longer term.

Trading recommendation:

We are long EUR from 1.6555 and will move our stop higher to 1.6540. If you are not long EUR yet, buy near 1.6740 or upon a break above 1.6858 and use the same stop at 1.6540.

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

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