Wave summary:
A breakout below minor support at 1.6603 is a little disappointing, but it does not alter our long-term call for an upside acceleration towards 1.7271 and 1.7641 as the next upside targets. However, in the short term a little more downside pressure can not be excluded as long as minor resistance at 1.6836 is able to protect the upside. Once this minor resistance gets broken, the way higher should be open for a rally towards 1.7271 and higher to 1.7641.
Trading recommendation:
Our stop at 1.6600 was hit for a small loss. We will only buy on a breakout above 1.6836.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for February, 2016 . Thanks for your support.
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