Elliott wave analysis of EUR/NZD for January 15, 2016 Market Analysis Review

Wave summary:

With a firm breakout above the base-channel resistance-line and more importantly above resistance at 1.6841, we have been given the next "GO" for the upside acceleration towards 1.7205 and 1.7643 on the way higher to strong resistance of 1.8021. The strong resistance still should be broken sooner or later for a continuation higher through 1.9114 towards 1.9844.

Short-term support at 1.6749 is expected to protect the downside for the next impulsive rally higher.

Trading recommendation:

We are long EUR from 1.5810 with our stop placed at 1.6350. If you are not long EUR already, then buy near 1.6749 and use the same stop at 1.6350 expecting to move higher soon.

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

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