Elliott wave analysis of EUR/NZD for December 30, 2015

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Wave summary:

Important support at 1.5784 keeps holding firm protecting the downside as expected. We still need a breakout above the minor resistance-line near 1.6045 and more importantly a breakout above resistance at 1.6089 to confirm that wave ii was finally terminated and wave iii higher to at least 1.6968 is unfolding.

The risk of a breakout below 1.5784 that indicates that a decline from 1.9114 is over and a little more downside room is needed. As long as as the minor resistance line near 1.6089 protects the upside, this outcome can not be ruled out entirely.

Trading recommendation:

We will buy EUR at 1.5810 with stop and revers placed at 1.5780 or we will buy on a break above 1.6045 with stop placed at 1.5780.

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

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