Elliott wave analysis of EUR/NZD for November 12 – 2015

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Wave summary:

There is no change in a view here. The base-building continues to unfold as it has been doing for 3 weeks. We still favor a breakout to the upside. A break above 1.6545 will confirm a strong rally higher towards 1.8019. However, a failure to break above important resistance at 1.6545 is of concern and does keep the down trend since 1.9114 is firmly in place and thereby keeps the possibility for one more decline closer to 1.5882 alive.

Trading recommendation:

We will buy EUR at 1.6210 or upon a break above 1.6545 (one order done cancels the other). Place stop+revers at 1.6120.

The material has been provided by InstaForex Company – www.instaforex.com

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