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FX.co ★ Elliott wave analysis of EUR/NZD for October 6, 2015

Elliott wave analysis of EUR/NZD for October 6, 2015

Elliott wave analysis of EUR/NZD for October 6, 2015

Technical summary:

There was no time for even a minor correction yesterday, and we sow an expected decline closer to our first target at 1.6728. In the short term, we will be looking for a breakout below support at 1.7152 confirming the next part of the decline to a target at 1.6728.

Minor resistance is now found in the area of 1.7200 -1.7220, which will ideally protect the upside for a breakout below support at 1.7152.

Trading recommendation:

We missed our EUR selling point at 1.7580, but we will sell EUR at 1.7215 or upon a break below 1.7151 (one order done cancels the other). Our stop will be placed at 1.7285 and take profit will be placed at 1.6750.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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