FX.co ★ Elliott wave analysis of EUR/NZD for November 11, 2016

Wave summary:

We saw the expected minor correction to 1.4950 (the low was seen at 1.4908). We are now looking for a break above minor resistance at 1.5164 for upside acceleration towards 1.5516 and even higher. This will finally confirm that a long-term scenario is in place with the test of 1.4812 and a new impulsive rally higher to 1.6569 and 1.9023 is expected to unfold. Short-term support is seen at 1.5015, which we expect will protect the downside for the break above 1.5164.

Trading recommendation:

We bought EUR at 1.4950 and will keep our stop at 1.4805 for now. If you are not long EUR, yet, then buy near 1.5015 or upon a break above 1.5164 and use the same stop at 1.4805.