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Expert In



Elliott wave analysis of EUR/NZD for May 16, 2016


Wave summary:

Nothing comes as a surprise anymore as long as it concerns EUR/NZD. The slightly deeper correction to 1.6604 is neither a surprise, but we do believe that the downside should be in place or very limited from here and a new rally to above 1.6931 should be seen anytime now confirming that wave iii higher to 1.7254 is developing.

A break below 1.6604 will extend the downside, but only a break below support at 1.6479 will be of concern.

Trading recommendation:

We are long EUR from 1.6315 with a stop placed at 1.6600. If you are not long EUR yet, then buy a break above 1.691.

The material has been provided by InstaForex Company -