11.05.201606:45 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for May 11, 2016

Long-term review

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Wave summary:

Support at 1.6610 should ideally be able to protect the downside for the next rally closer to 1.7273 and higher. A break below 1.6610 will be of concern and question the rally from the 1.6063 low. A break below 1.6610 will shift the preferred count to a leading diagonal and call for a decline to 1.6479 before moving higher again.

Trading recommendation:

We are long EUR from 1.6315 with stop placed at 1.6600. If our stop is triggered, we will re-buy EUR at 1.6485

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