Elliott wave analysis of EUR/NZD for November 3, 2016

Wave summary:

The important low of 1.5066 is scary close to being tested. A test will be in order, but at no point can a break below 1.5066 be allowed, as that will invalidate 1.5066 as being the starting point of wave (3). Should a break below 1.5066 be seen (not our preferred outlook), the potential downside should be very limited.

Short term, a break above minor resistance at 1.5266 will be the first good indication that a low is in place for more upside pressure towards 1.5764 and above.

Trading recommendation:

We bought EUR at 1.5145 with stop placed at 1.5060. If you are not long EUR yet, then buy here or upon a break above 1.5266 and use the same stop at 1.5066.

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

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