Elliott wave analysis of EUR/NZD for January 13 - 2016 Market Analysis Review

Wave summary:

The correction from 1.6841 is likely to be over with the test of 1.6370. We will now be looking for a break above 1.6714 and of course more importantly a break above 1.6841 confirming upside acceleration towards 1.7205 and likely even higher to 1.7641.

In the longer term, we continue to look for much higher levels and ultimately a break above 1.9114 for a continuation higher to 1.9844.

Trading recommendation:

We are long EUR from 1.5810 with our stop placed at 1.6235. If you are not long EUR yet, then buy a break above 1.6647 and place your stop at 1.6360.

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

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