Elliott wave analysis of EUR/NZD for October 11, 2016

Wave summary;

We have finally seen the break above resistance at 1.5668 confirming more upside towards 1.5969 and higher towards 1.6491.

Short term, we would like to see support at 1.5558 which acts as a floor for the next impulsive rally higher to 1.5969. If, however support at 1.5558 fails to protect the downside, we should see a new corrective decline closer to 1.5498 before the next rally higher.

Trading recommendation:

We are long EUR from 1.5515 and we will raise the stop to 1.5550. If you are not long EUR yet, then buy a break above 1.5738 and use the same stop at 1.5550.

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

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