InstaForex - Analytics


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    Elliott wave analysis of EUR/NZD for November 10, 2015


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    Wave summary:

    There is no change in a view here.

    We are still looking for a break above resistance at 1.6545 confirming a bottom is in place for a new impulsive rally towards 1.8020 and higher. That said time is running out and failure to break above 1.6545 will indicate that one more low closer to 1.5882 is needed before the bottom finally is in place for a new impulsive rally.

    Short-term support is found at 1.6335 and at 1.6179 and below the later confirms a decline to 1.5882 before the bottom is in place.

    Trading recommendation:

    We will only buy EUR upon a break above 1.6545.

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