Wave summary:
Important support at 1.5784 keeps holding firm protecting the downside as expected. We still need a breakout above the minor resistance-line near 1.6045 and more importantly a breakout above resistance at 1.6089 to confirm that wave ii was finally terminated and wave iii higher to at least 1.6968 is unfolding.
The risk of a breakout below 1.5784 that indicates that a decline from 1.9114 is over and a little more downside room is needed. As long as as the minor resistance line near 1.6089 protects the upside, this outcome can not be ruled out entirely.
Trading recommendation:
We will buy EUR at 1.5810 with stop and revers placed at 1.5780 or we will buy on a break above 1.6045 with stop placed at 1.5780.
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 30, 2015 . Thanks for your support.
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