17.11.201609:23 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for November 17, 2016

Long-term review

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Wave summary:

We are once again going nowhere. Our preferred count shows that an ending diagonal completed with the test of 1.4812 and a new impulsive rally now is building, but we need a break above 1.5246 to confirm a strong test of the ending diagonal resistance line near 1.5500 and only above here will confirm a return to the origin of the ending diagonal at 1.5834 and above.

Ideally support at 1.5010 will continue to protect the downside for the break above 1.5246 and more importantly above 1.5500.

Trading recommendation:

We are long EUR from 1.4950 with our stop placed at 1.5000. If you are not long EUR yet, then buy a break above 1.5200 and use the same stop at 1.5000.

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