FX.co ★ Elliott wave analysis of EUR/NZD for October 26, 2015

Wave summary:

Our target at 1.6075 was close to being tested on Friday with a low at 1.6124. We still expect more downside room towards 1.6075 and maybe even lower to 1.5882 before the bottom is in place for a correction back to 1.6800 and even higher.

Short-term resistance is found at 1.6338 and again at 1.6390, but only a breakout above resistance at 1.6546 will turn the picture bullish from here.

We will buy EUR at 1.6080 for a rally back to at least 1.6800 or possibly even closer to 1.6950.