19.10.201608:14 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for October 19, 2016

Long-term review

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Wave summary:

The corrective decline from 1.5764 has extended lower to the 78.6% corrective target at 1.5133. A bottom will likely develop shortly for a new impulsive rally to above 1.5764. However, to confirm that the corrective decline is complete, a break above resistance at 1.5462 is needed.

To confirm that the long-term corrective decline from 1.9023 is complete, a break above 1.5764 is needed, but once seen a strong impulsive rally higher to 1.6931 and 1.8021 should be expected.

Trading recommendation:

We are long EUR from 1.5285 with stop placed at 1.4985. If you are not long already, then buy near 1.5133 and use the same stop at 1.4985.

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