Elliott wave analysis of EUR/NZD for January 28, 2016 Market Analysis Review

Wave summary:

Our preferred count shows that we are at an early stage of red wave iii higher towards 1.7641.

In the short term, we are looking for minor support near 1.6769 and more importantly support at 1.6603 to protect the downside for a breakout above resistance of 1.7010 and more importantly resistance of 1.7273 for an expected rally towards 1.7641 and above.

A break below 1.6603 will delay the rally higher.

Trading recommendation:

We are long EUR from 1.6706 and will move our stop higher to 1.6600. If you are not long EUR yet, then buy EUR upon a break above 1.7010 and use the same stop at 1.6600.

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

For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for January 28, 2016 . Thanks for your support.