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23.11.201506:40 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for November 23, 2015

Long-term review

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Wave summary:

We have almost seen a retest of a low at 1.6124, which will ideally be broken for a final decline closer to 1.5898. Once a break below 1.6124 has been seen, all requirements to the decline from 1.911 will been fulfilled, and the the risk for an important bottom being in place will greatly rise.

To indicate a bottom being in place a break above 1.6406 will be needed, while a breakout above 1.6548 will be needed to confirm the bottom.

To indicate a bottom being in place a break above 1.6406 will be needed, while a break above 1.6548 will be needed to confirm the bottom.

We missed out a short entry at 1.6385 and will stay neutral for now. However, as the possibility of an important low being seen soon, we will place the EUR buy the order at 1.5925 and upon a breakout above 1.6406 (one order done cancels the other).

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