FX.co ★ Elliott wave analysis of EUR/NZD for November 17, 2015

Wave summary:

A sideways consolidation in the area of 1.6300 - 1.6545 continues endlessly. That said, we still feel that an upside resolution will be eventually seen for a clear break above 1.6545 confirming continuation for a rally higher to 1.8020 and ultimately above 1.9114.

Only a breakout below support at 1.6300 and more importantly a breakout below 1.6179 will call for a final decline to 1.5882 before the decline from 1.9114 is finally over and an expected rally higher can begin.

Trading recommendation:

We bought EUR at 1.6365 and have placed our stop at 1.6280. If you are not long EUR yet, then buy near 1.6400 or upon a break above 1.6545 and use the same stop at 1.6280.