31.08.201607:43 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 31, 2016

Long-term review

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Wave summary:

No change in view here.

We are still looking for support at 1.5283 to be able to protect the downside for a break above minor resistance at 1.5520 and more importantly for a break above resistance at 1.5642 confirming renewed upside pressure towards 1.5839 on the way higher to 1.7253.

Only an unexpected break below support at 1.5187 will question our bullish outlook.

Trading recommendation:

We are long EUR from 1.5370 with stop placed at 1.5180. If you are not long EUR yet, then buy a break above 1.5520 and place stop at 1.5275.

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