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Elliott wave analysis of EUR/NZD for November 3 - 2015

2015-11-03-EURNZD-D.png

2015-11-03-EURNZD-4H.png

Wave summary:

We continue to look for confirmation that wave 2 has bottomed. As long as resistance at 1.6515 protects the upside, one final decline closer to the 61.8% corrective target at 1.5882 can not be excluded, but from there or upon a break above resistance at 1.6515 a new impulsive rally higher to at least 1.8020 would be expected.

In the longer term, a break above 1.9114 should be seen.

Trading recommendation:

We will buy EUR at 1.5900 or upon a break above 1.6520

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