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    Elliott wave analysis of EUR/NZD for October 16, 2015

    1444968193_2015-10-16-EURNZD-4H.png

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    Wave summary:

    With an adjusted count, we where looking for a final decline to 1.6544 and we have seen a low at 1.6486. We think that a low is in place for a new rally higher to at least 1.8019 and possibly even higher.

    In the short term, we need support at 1.6486 to protect the downside for a break above minor resistance at 1.6707 as the first good indication that a bottom is in place. To confirm the bottom, a break above resistance at 1.6851 is needed.

    Trading recommendation:

    We bought EUR at 1.6555 and will place our stop at 1.6480. If you are not long EUR yet, buy on a break above 1.6670 and use the same stop.


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