Wave summary:
We have seen the expected corrective move lower towards the ideal target at 1.5245. In the short term we expect resistance near 1.5530 will cap the upside for the next decline closer to 1.5309 and likely closer to 1.5245 before the expanded flat correction in wave (ii) is complete and the next impulsive rally can begin.
Only a direct break above 1.5659 will indicate that the correction has completed prematurely and wave (iii) higher already is unfolding.
Trading recommendation:
We will but EUR at 1.5280 or upon a break above 1.5659.
The material has been provided by InstaForex Company – www.instaforex.com
The post Elliott wave analysis of EUR/NZD for October 14, 2016 appeared first on forex-analytics.press.