Elliott wave analysis of EUR/NZD for November 28, 2016

Wave summary:

Well, it will be a lie to say that this cross is exiting... EUR/NZD continues to trade below the minor resistance line, but we continue to look for a firm break above here soon for a more substantial rally towards 1.5730 and above in the longer term.

That said, we also need to accept that the risk remains towards the downside as long as this minor resistance line is broken clearly, even though we see the potential downside as limited.

Trading recommendation:

We are long EUR from 1.5000 with stop placed at 1,4950. If you are not long EUR yet, then buy a break above minor resistance at 1.5095 and use the same stop at 1.4950.

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

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