FX.co ★ Elliott wave analysis of EUR/NZD for December 9 - 2016

Wave summary:

The announcement of the ECB tapering also caused a decline in this cross. The break below the former low at 1.4737 has revived the downtrend within the ending diagonal and a possible continuation lower toward max.1.4590. From closer to 1.4590 or upon a direct break above 1.5092 a rally toward 1.5837 will be expected.

Trading recommendation:

Our break-even stop was hit. We will buy EUR at 1.4610 or upon a break above 1.5092 with stop placed at 1.4585.