Elliott wave analysis of EUR/NZD for October 8, 2015 Market Analysis Review

Technical summary:

We are getting closer to the 1.6781 target. In the short term, we are looking for the minor correction in the red wave iv to find resistance at 1.7124 for the next decline towards 1.6781. If support at 1.6781 is clearly broken, then the downside target will be extended lower to 1.6230. But for now, we will keep our focus for a decline to 1.6781.

At this point, only an unexpected break above resistance at 1.7330 will be of concern to the bearish outlook.

Trading recommendation:

Keep short or sell EUR near 1.7123 for the decline to 1.6781. Place take profit at 1.6790.

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