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23.12.201406:39 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for December 23 - 2014

Long-term review

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Technical summary:

We are still looking for an obvious sign, that the corrective decline from 1.6207 is over and a new rally towards at least 1.6163 is unfolding. However, a break above 1.6163 should open up for a further move much higher. In the short term, a break above minor resistance at 1.5881 will be the first good indication, that the correction ended at 1.5724 and the expected rally is developing.

Trading recommendation:

We missed our buying opportunity near 1.5703, but will buy EUR upon a break above 1.5881 with stop placed at 1.5700.

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