Elliott wave analysis of EUR/NZD for August 26 – 2016

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Wave summary:

We are looking for a break above minor resistance at 1.5545 to confirm the onset of the next impulsive rally higher to 1.5839 and above. Short term we do expected minor support at 1.5385 will be able to protect the downside for the expected break above 1.5545.

Trading recommendation:

We are long EUR from 1.5370 with stop placed at 1.5180. If you are not long EUR yet, then buy a break above 1.5545 and place stop at 1.5320.

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

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