FX.co ★ Elliott wave analysis of EUR/NZD for December 2, 2015

Wave summary:

With the downside target at 1.5898 fulfilled, we are looking for signs that a bottom is in place. The first minor indication, will be a breakout above 1.5980, while a breakout above resistance at 1.6243 is needed to confirm the bottom and that a strong rally back towards 1.8020 and higher is developing.

There is the risk of a clear breakout below 1.5898 which can result in the downside pressure towards 1.5688 and even lower to 1.5478.

Trading recommendation:

We are long EUR from 1.5925 with stop placed at 1.5850. If you are not long EUR yet, then buy a break above 1.5980 and use the same stop at 1.5850.