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06.11.201509:28 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for November 6 - 2015

Long-term review

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Wave summary:

The base-building below important resistance at 1.6515 is going on. This resistance still needs to give away to confirm that a firm bottom is in place for a strong rally higher towards 1.8020. The risk is of course a break below support at 1.6124 that is calling for one more decline closer to 1.5882 before the next move higher should be expected.

Trading recommendation:

Only buy EUR upon a break above 1.6565.

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