21.11.201609:03 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for November 21, 2016

Long-term review

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EUR/NZD - Daily

EUR/NZD - 4 Hourly

Wave summary:

We continue to look for a break above minor resistance at 1.5200 to provide upside acceleration towards 1.5516 and above. Our preferred count shows that an ending diagonal completed with the test of 1.4812 and a return to the origin of the ending diagonal at 1.5839 is developing.

Short-term, the risk remains a break below minor support at 1.5000 that will delay the expected upside pressure.

Trading recommendation:

We are long EUR from 1.4950 with 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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