Elliott wave analysis of EUR/NZD for January 27 - 2016 Market Analysis Review

Wave summary:

We are still looking for upside acceleration soon. A direct breakout above 1.6706 indicated that red wave ii ended a little earlier than expected and that red wave iii higher towards at least 1.7641 is already developing.

We will continue to look for a breakout above minor resistance at 1.6896 and more importantly a breakout above resistance at 1.7010 that will confirm that red wave ii is indeed over and red wave iii higher is unfolding.

It will take an unexpected breakout below support at 1.6505 to invalidate this count.

Trading recommendation:

We are long EUR from 1.6706 with stop placed at 1.6505. If you are not long EUR yet, then buy near 1.6625 or upon a breakout above 1.6896 and use the same stop at 1.6505.

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

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