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05.12.201608:00 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for December 5, 2016

Long-term review

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Wave summary:

As we feared, one more decline closer to 1.4728 could be in store for us. We have seen a decline to 1.4737 as the lowest point. With this new low the ending diagonal finally should be complete and we should be looking for a break above minor resistance at 1.5068 to confirm this is the case and that a rally back to the origin of the ending diagonal at 1.5839 is developing.

Short term, a break above minor resistance at 1.4955 will be the first good indication that the low is in place.

Trading recommendation:

We are long EUR from 1.4750 and will place our stop at 1.4700. If you are not long EUR yet, then buy a break above 1.4955 or wait for a break above 1.5068 before engaging.

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