Elliott wave analysis of EUR/NZD for January 5, 2016 Market Analysis Review

Wave summary:

The first attempt to break above short term important resistance at 1.6220 failed, but it should just be a matter of time before this resistance at 1.6220 will be broken and pave the way for a continuation higher towards 1.6935.

Longer term, we are only in the very beginning of a new impulsive rally that ultimately should break above resistance at 1.9114 for a rally to at least 2.1072 and possibly even higher to 2.2304, but first let's focus on a break above 1.6220 to confirm the bottom at 1.5794 and a new impulsive rally higher.

Trading recommendation:

We are long EUR from 1.5810 with stop placed at 1.5925. If you are not long EUR yet, then buy EUR near 1.6000 or upon a break above 1.6220 and place stop at 1.5925.

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

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