Elliott wave analysis of EUR/NZD for January 12 - 2016 Market Analysis Review

Wave summary:

We expect that the minor correction from 1.6841 down to 1.6468 is enough to resume the underlying uptrend for a rally past resistance at 1.6841. A firm break above 1.6841 will call for upside acceleration with the next targets to look for at 1.7132 and 1.7838.

Should the low at 1.6468 be broken, the next corrective target will be found at 1.6418, but at no time support at 1.6242 is likely to be broken.

Trading recommendation:

We remain long EUR from 1.5810 with our stop placed at 1.6235. If you are not long EUR yet, then buy near 1.6471 and use the same stop at 1.6235.

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

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