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19.05.201608:04 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for May 19 - 2016

Long-term review

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Wave summary:

With the break above minor resistance at 1.5582, the first minor signal of a bottom being in place at 1.6538 has been given. We will now be looking for a clear break above minor resistance at 1.6704 as the next trigger for a rally to 1.6931 and higher to 1.7254 as the next upside targets. However, in the longer term, we continue to expect much higher levels.

Short-term support is seen at 1.6581 with back-up support at 1.6538.

Trading recommendation:

We are long in EUR from 1.6550 with stop placed at 1.6535. If you are not long in EUR yet, then buy a break above 1.6704 and use the same stop at 1.6535.

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