Elliott wave analysis of EUR/NZD for October 27, 2015 Market Analysis Review

Wave summary:

We are still looking for signs of a bottom being in place. As long as minor resistance is seen at 1.6390, we must accept a possibility of one more decline closer to 1.5882. A break above minor resistance at 1.6390 will be the first indication that the bottom is in place, while a break above more important resistance at 1.6546 will be bullish for a rally to 1.6950 and only above here will confirm the bottom.

Trading recommendation:

We will buy EUR at 1.6080 or upon a break above 1.6390 (one order done cancels the other).

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