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18.04.201605:51 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for April 18 - 2016

Long-term review

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Wave summary:

We continue to look for support at 1.6229 being able to protect the downside for a clear break above 1.6492 that will call for a continuation higher to 1.6830 and above.

Only an unexpected break below 1.6229 and, more importantly, a break below support at 1.6086 will force us to make a recount of the rally since the 1.5784 low.

Trading recommendation:

We are long in EUR from 1.6325 with stop placed at 1.6225. If you are not long in EUR yet, then buy a break above 1.6492 and use the same stop, but expect to move it higher soon.

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