Elliott wave analysis of EUR/NZD for January 29, 2016 Market Analysis Review

Wave summary:

We can see an upward staircase, but this might be because this cross is accumulating energy for the extended red wave iii higher towards 176.41 and higher towards 1.8020.

In the short term, we expect minor support at 1.6715 and more importantly support at 1.6603 to protect the downside for a breakout above 1.7010 and more importantly a breakout above 1.7273 providing upside acceleration to 1.7641 and 1.8020.

Only a breakout below support at 1.6603 will delay the expected rally higher.

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 the breakout above 1.7010 and place your stop at 1.6600 too.

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

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