Elliott wave analysis of EUR/NZD for February 1, 2016 Market Analysis Review

Wave summary:

We continuously expect minor support at 1.6603 to protect the downside for a breakout above minor resistance at 1.6849 and more importantly a breakout above 1.6948 confirming more upside pressure towards 1.7273 and 1.7641.

Only an unexpected breakout below 1.6603 will delay the expected rally higher (for a more complex corrective decline) towards 1.6372 before the next impulsive rally higher takes place.

Trading recommendation:

We are long EUR from 1.6706 with stop placed at 1.6600. If you are not long EUR yet, then buy on a breakout above 1.6849 and use the same stop at 1.6600.

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

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