FX.co ★ Elliott wave analysis of EUR/NZD for November 5 - 2015

Wave summary:

We have seen a move slightly above 1.6515, but as no real follow-through has been seen, then break is not confirmed yet. That said, we do think that a more substantial break soon will be seen, but then the resistance line from 1.9114 is staying just above 1.6550. However, if this hurdle is broken too, then the bottom at 1.6124 is confirmed for a new rally towards 1.8020 and above.

Short-term support is now found at 1.6352.

Trading recommendation:

We have bought EUR at 1.6520 and have placed our stop at 1.6345. If you are not long EUR yet, then wait for a break above 1.6550 to buy and use the same stop at 1.6345.