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Old 27-11-2015, 15:02
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
No changes are observed in the chart.
A slow decline towards an ideal target at 1.5898 continues. We are looking for minor resistance at 1.6261 to protect the upside for a breakout below minor support at 1.6048 calling for the next leg lower towards an ideal target at 1.5898 before a more substantial bottom is in place and a large rally back to 1.8020 and above is expected.
Only a direct breakout above 1.6261 and more importantly a break above 1.6434 indicates that the bottom is already in place.

Trading recommendation:
We will but EUR at 1.5925 or upon the breakout above 1.6261.




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