InstaForex - Analytics


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    Elliott wave analysis of EUR/NZD for November 19, 2015


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    Wave summary:

    A sideways consolidation between 1.61.24 and 1.6545 is becoming a never-ending and depressing story. We still continue to watch for a clear breakout above resistance at 1.6545, but they need to move soon in the face of the risk to turn lower for one final decline closer to 1.5882 to end the decline from 1.9114.

    Trading recommendation:

    We are long EUR from 1.6360 with stop placed at 1.6280. Buy EUR closer to 1.6300 or upon a breakout above 1.6545 and use the same stop at 1.6280.

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