26.11.201508:55 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for November 26 - 2015

Long-term review

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Wave summary:

Eventually it seems as the last part of the expected decline closer to 1.5898 is now unfolding. We have seen a new low of the decline from 1.9114 and once this decline bottoms out a major rally is expected.

In the short term, we expect minor resistance at 1.6261 and more importantly resistance at 1.6377 as a break above the later indicates that the corrective decline from 1.9114 is over.

Trading recommendation:

We are look to buy EUR at 1.5925 or upon a break above 1.6377 (one order done cancels the other).

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