Elliott wave analysis of EUR/NZD for November 30, 2016

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Wave summary:

As feared, a break below 1.4963 has been seen. We have reviewed our count for wave [v] of v and it’s very likely that more downside closer to 1.4728 and maybe even lower to 1.4562 is needed to complete the ending diagonal. We do prefer the 1.4728 target over the deeper equality target between wave a and c at 1.4562, but we need to allow for this possibility.

Only a break above minor resistance at 1.4986 will indicate that a low is in place, while a break above 1.5095 will confirm the low for a rally to the origin of the ending diagonal at 1.5839.

Trading recommendation:

We will buy EUR at 1.4585 or upon a break above 1.5095.

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

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