InstaForex - Analytics

    InstaForex

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    Elliott wave analysis of EUR/NZD for November 6 - 2015

    2015-11-06-EURNZD-4H.png

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    Wave summary:

    The base-building below important resistance at 1.6515 is going on. This resistance still needs to give away to confirm that a firm bottom is in place for a strong rally higher towards 1.8020. The risk is of course a break below support at 1.6124 that is calling for one more decline closer to 1.5882 before the next move higher should be expected.

    Trading recommendation:

    Only buy EUR upon a break above 1.6565.


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