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29.02.201606:45 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for February 29 - 2016

Long-term review

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Wave summary:

The break below the former low at 1.6338 called for more downside pressure towards 1.6108. Till now we have seen a decline to 1.6236 from where a new rally has been seen. The question becomes whether this decline was enough or more downside pressure should be expected?

It could have been enough, but then a break above resistance at 1.6688 is a "must", if, however resistance at 1.6688 protects the upside for a break below minor support at 1.6396 more downside pressure towards 1.6108 will be expected.

Trading recommendation:

We will remain sidelined for now.

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