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07.10.201506:01 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for October 7, 2015

Long-term review

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Technical summary:

The pair moved lower as expected, but the minor corrections that develops is a bit larger than we normally see. Not that they are much larger, but the correction tends to be smaller. That said, nothing has changed and we continue to watch for a decline towards 1.6781 as the first real downside target.

In the short term, we will ideally see minor resistance at 1.7193 protecting the upside for the next part of a decline to 1.6913 and then to 1.6793.

Trading recommendation:

Sell EUR here or close to 1.7193 for the next part of the decline. Stop should be placed at 1.7335, and take profit is seen at 1.6790.

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