21.01.201608:48 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for January 21 - 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Wave summary:

Yesterday, we saw a rally to 1.7273 before this impulsive wave (blue wave i) ran out of steam and what have turned out to be a rather deep blue wave ii have since been unfolding. We do think that the correction in blue wave ii has terminated and blue wave iii higher has taken over. This blue wave iii is expected to be very violent and will likely move almost vertical higher towards 1.7641 and 1.8020.

We had not expected that the fight between the bulls and the bears would continue to be as tough as it has turned out to be, but then second waves is always a difficult to handle as they are allowed to correct 100% of the first wave, but never ever can break below the starting point of the first wave, which in this case was at 1.6637.

Trading recommendation:

We where locked into a EUR-long position at 1.7210 with our stop placed at 1.6635. If you are not long EUR yet, buy near 1.6855 or upon a break above 1.7000 and use the same stop at 1.6635

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.