FX.co ★ Elliott wave analysis of EUR/NZD for November 8, 2016

Wave summary:

The September low at 1.4989 now has been taken out. Nevertheless, we think the potential downside remains very limited and a new rally soon will be seen. We still need a break above minor resistance at 1.5225 and more importantly a break above resistance at 1.5454 to confirm that a low is in place for a rally towards 1.5746 and above.

As long as minor resistance at 1.5225 is able to cap the upside, we must allow for more exploring of the downside, even though it should be limited.

Trading recommendation:

We will buy EUR at 1.5010 or upon a break above 1.5225 (one order done cancels the other).