Elliott wave analysis of EUR/NZD for September 21, 2016

Wave summary:

We continue to look for the final decline close to 1.4705 to complete the long-term corrective decline from 1.9023. Ideally we will see minor resistance at 1.5330 protect the upside for a clear break below support at 1.5217, confirming the final decline to 1.4705 is developing.

Once the ending diagonal is complete near 1.4705, a new strong rally towards at least 1.5839 is expected.

Trading recommendation:

We sold EUR at 1.5217 with stop + reversal at 1.5340. Only sell a break below 1.5156 and use the same stop at 1.5340.

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

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