04.11.201609:52 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for November 4, 2016

Long-term review

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Wave summary:

We continue to expect that support at 1.5066 will act as a floor for a break above minor resistance at 1.5266 that will call for a new rally to and ideally above resistance at 1.5454 for more upside pressure towards 1.5764.

Only an unexpected break below 1.5066 will invalidate the bullish outlook here, but even if the price breaks below 1.5066, the expected potential downside seems very limited here.

Trading recommendation:

We are long EUR from 1.5145 with stop placed at 1.5060. If you are not long EUR yet, then buy upon a break above 1.5266 and use the same stop at 1.5060.

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