FX.co ★ Elliott wave analysis of EUR/NZD for December 16 - 2014

Technical summary:

We are back at the resistance line near 1.6105. We would like to see a close above this resistance line to confirm a move higher to 1.6206 and higher to 1.6446. In the short term, we would like to see minor support at 1.6031 protecting the downside, but only a break below support at 1.5985 will delay the expected upside for a move closer to 1.5950 before higher again.

Trading recommendation:

We are long in EUR from 1.5915 and will move our stop higher to 1.5980. If you are not long in EUR yet, then buy near 1.6031 with the same stop at 1.5980.