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    Elliott wave analysis of EUR/NZD for November 13, 2015


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    Wave summary:

    The resistance line at 1.9114 was broken, but important resistance at 1.6545 still stays intact, and only a clear breakout above here will confirm that the bottom of wave 2 was seen at 1.6124 and wave 3 higher is developing.

    The risk continues to be observed, that the sideways consolidation calls for one final decline closer to 1.5882 before the decline from 1.9114 finally comes to the end.

    Trading recommendation:

    We are waiting for an opportunity to buy EUR 1.6365 or upon a break above 1.6545, with stop placed at 1.6280.

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