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21.04.201608:24 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for April 21 - 2016

Long-term review

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Wave summary:

We are looking for a confirmation that a bottom is in place at 1.6062. A break above minor resistance at 1.6266 will be a good start, but to confirm the low, we need a break above resistance at 1.6499. If that break is seen, then the bottom at 1.6062 should be safe and a rally in wave [iii] of iii towards at least 1.8420 should be expected.

Only an unexpected break below support at 1.6062 will keep wave [ii] alive, but the downside potential should be very limited.

Trading recommendation:

We are long in EUR from 1.6105 with stop placed at 1.6055. If you are not long in EUR yet, then buy a break above 1.6266 and place stop at 1.6055 expecting to move it higher soon.

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