InstaForex - Analytics

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    Elliott wave analysis of EUR/NZD for November 20, 2015

    2015-11-20-EURNZD-4H.png

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    Wave summary:

    Resistance at 1.6545 was formidably proved, and a breakout below support at 1.6280 calls for one final decline closer to 1.5898 before the correction from 1.9114 finally comes to an end.

    Short-term resistance is now seen at 1.6400, which will ideally protect the upside for a continuation lower towards 1.5898.

    Trading recommendation:

    Our stop at 1.6280 was hit for a small loss. We will sell EUR at 1.6385 with stop placed at 1.6525


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