Elliott wave analysis of EUR/NZD for September 13, 2016

Wave summary:

Wave [iv] looks to be in place at 1.5425 for a decline below 1.5217 confirming more downside towards 1.4989 and 1.4700 to complete the ending diagonal and set the stage for a strong recovery to 1.5839 and above.

Short term, resistance is seen at 1.5346 and again at 1.5425. The latter will ideally protect the upside or an extension towards 1.5520 should be expected.

Trading recommendation:

We are short EUR from 1.5270 and will move stop lower to 1.5430. If you are not short EUR yet, then sell near 1.5346 or upon a break below 1.5217 and use the same stop at 1.5430.

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

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