empty
 
 
10.08.2016 09:51 AM
Elliott wave analysis of EUR/NZD for August 10, 2016

This image is no longer relevant

Wave summary:

The EUR/NZD pair has once again failed to rally and remains locked inside the corrective channel from 1.5839. A break below 1.5395 will call for more downside pressure towards 1.5364 and maybe even lower to 1.5296. Only a break above minor resistance at 1.5576 will ease the downside pressure, but a break above resistance at 1.5646 is needed to indicate that the corrective decline is complete eventually and a new rally to 1.5839 and above towards at least 1.6161 is developing.

Trading recommendation

We are long EUR from 1.5627 with stop placed at 1.5390. If you are not long EUR yet, a good decision is to buy a break above 1.5646 and place your stop at 1.5390.

Summary
Urgency
Analytic
Torben Melsted
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback