04.02.201507:05 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for February 4 - 2015

Long-term review

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Technical summary:

We have changed our count for wave (i). Instead of the peak at 1.5290 being wave (i), we think the moving wave (i) to the peak at 1.5821 as being a better fit. That means we should now be looking for wave (ii) and a move lower to the 50% corrective target at 1.5354 as the ideal target for wave (ii). That said, we have to remember, that second waves often do correct a great part of the first wave. So we will keep tight stops, if we manage to enter a long EUR position near 1.5354. To confirm that a bottom is in place, we need a break above minor resistance at 1.5539

Trading recommendation:

Our stop at 1.5490 was hit for a loss. We will buy EUR again at 1.5365 with a stop at 1.5230

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