empty
 
 
17.12.2015 08:50 AM
Elliott wave analysis of EUR/NZD for December 17, 2015

This image is no longer relevant

Wave summary:

A breakout below 1.6049 has forced a new short-term count. We still regard the level of 1.5784 as a low for wave 2 and the rally of this low as the start of a new impulsive rally (wave i), while the wave ii has turned into an expanded flat correction. Wave ii could be over at 1.5991, which will confirm a breakout above 1.6246. As long as minor resistance at 1.6246 protects the upside, the risk remains for a move closer to 1.5930, but it is not necessary.

Above 1.6246, the market will call for a continuation higher to 1.6749 and higher to 1.7131.

Trading recommendation:

We will buy only on a break above 1.6246 with stop placed at 1.5985.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback