Wave summary:
We are going absolutely nowhere at the moment. This indicates that energy is accumulating, and once the base is broken, the following move higher or lower will prove to be strong. As long as support at 1.6179 protects the downside, we do prefer a break above 1.6545, which calls for a rally higher to 1.8020.
If, however, support at 1.6179 is broken, a quick decline to 1.5882 should be seen.
Trading recommendation:
We will buy EUR at 1.6210 or upon a break above 1.6545. Stop and revers of the position will be placed at 1.6120.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for November 11, 2015 . Thanks for your support.
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