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24.02.201607:03 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for February 24 - 2016

Long-term review

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Wave summary:

After an attempt to retest the low at 1.6338 a failure was seen and a quick rally higher to test resistance at 1.6653. We do think that a firm bottom has been seen at 1.6338 and a new impulsive rally in wave 3 now is developing for a rally towards 1.8731.

However, to confirm the bottom a clear break above resistance at 1.6653 is still needed and more importantly a break above 1.6893 will confirm that wave 2 is over and wave 3 higher towards 1.8731 is unfolding.

Trading recommendation:

Unfortunately our stop at 1.6375 was hit and we are looking for a new EUR buying opportunity. We will buy EUR at 1.6550 or upon a break above 1.6680.

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