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Elliott wave analysis of EUR/NZD for December 7, 2015


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Wave summary:

We have seen a perfect impulsive rally from 1.5784 to 1.6490 followed by a nice corrective decline to the 61.8% corrective target at 1.6053 (the low came in at 1.6049) from where the next impulsive rally is expected to take us higher to 1.7191 and possibly even higher to 1.7896 as the next upside targets.

In the longer term, we will be looking for even higher targets as wave 3 progresses.

Trading recommendation:

We bought EUR at 1.6065 with stop at 1.6045. If you are not long EUR yet, then buy near 1.6140 and use the same stop at 1.6045.

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