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20.09.201610:12 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for September 20, 2016

Long-term review

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Wave summary:

We are still looking for a firm break below support at 1.5217 confirming a new decline to 1.4989 and lower to 1.4705 to complete the ending diagonal. Once the bottom is in place, a new strong rally back to at least 1.5839 should be expected, but longer term even more upside will be expected.

Resistance is now seen at 1.5330 and again at 1.5375.

Trading recommendation:

We missed our sell order at 1.5345 and is looking for sell a break below support at 1.5217 with a stop placed at 1.5340.

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