FX.co ★ Elliott wave analysis of EUR/NZD for January 5 - 2015

Technical summary:

The correction from 1.5472 has turned into an expanded flat correction and with the test of 1.5679 no more correction is needed, but to confirm that the correction is over, a break below 1.5572 is needed and a break below this support will confirm a new test of support at 1.5439 on the way towards strong support at 1.5407. Only an unexpected break above 1.5724 will confuse the picture and call for a continuation higher towards strong resistance at 1.5849.

Trading recommendation:

We sold EUR at 1.5620 and has placed our stop at 1.5725. If you are not short EUR yet, then sell near 1.5679 with the same stop at 1.5725.