Wave summary:
A failure to hold an expected wave [ii] low of 1.6105 is of concern to us. However, as the low of 1.6049 continues to preserve a low, we will give bulls the benefit of the doubt, for a new rally above 1.6445 that will call for renewed upside pressure towards 1.6749 and above towards 1.7190.
If however, important support at 1.6049 gives away, a rally of a low at 1.5784 in three waves indicates that it has been a corrective rally and a new decline to and below this low should be seen.
Trading recommendation:
We will only buy EUR upon a break above 1.6255 with stop placed at 1.6115.
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 December 16, 2015 . Thanks for your support.
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