Elliott Wave Analysis of EUR/NZD for April 20 - 2016
We have seen a new low at 1.6062 which has been followed by a clear loss of momentum, but to confirm that a new low is in place a break above 1.6499 will be needed.
As long as resistance at 1.6499 is protecting the upside, we will have to stay flexible and accept the possibility of a little more downside pressure towards 1.6035, but it should only be a matter of time before the low is in place.
At no time can a break below 1.5794 be accepted.
We bought EUR at 1.6105 and have placed our stop at 1.6055. If you are not long in EUR yet, then buy a break above 1.6499.
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