01.12.201506:54 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for December 1, 2015

Long-term review

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Wave summary:

We have finally seen an expected test of our target at 1.5898 (the low has been 1.5899), and we will look for a breakout above minor resistance at 1.6066 now as the first indication that a correction from 1.9114 has finally come to an end. However, a break above resistance at 1.6239 will be needed to confirm that an important low has been seen.

There is a risk that resistance at 1.6239 is able to protect the upside for more downside pressure towards 1.5688 and maybe even lower to 1.5478. This is not our preferred outlook, but we need to consider this possibility.

Trading recommendation:

We bought EUR at 1.5925 and will place our stop at 1.5850. If you are not long EUR yet, then buy on a breakout above minor resistance at 1.6066 and place you stop just below the most recent low.

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