Elliott wave analysis of EUR/NZD for January 7, 2016 Market Analysis Review

Wave summary:

We have now seen a clear break above an important resistance at 1.6220, which has opened up the upside for a rally to 1.6583 and 1.6736 as next upside targets. Support is now found in the 1.6197-1.6220 area, which ideally will protect the downside for a continuation towards 1.6445 and 1.6583.

In the longer term, we are looking for much higher levels and ultimately a break above 1.9114.

Trading recommendation:

We are long EUR from 1.5810 and will move our stop higher to 1.6050. If you are not long EUR yet, then buy near 1.6220 and use the same stop at 1.6050.

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

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