FX.co ★ Elliott wave analysis of EUR/NZD for January 13 - 2015

Technical summary:

The correction in blue wave iv we where looking for, is unfolding nicely. We expect support at 1.5195 to be able to protect the downside for a continuation higher to 1.5297 and possibly even slightly higher to the 1.5330 - 1.5351 area before blue wave iv is over and a new decline to 1.4912 in blue wave v and red wave iii.

Trading recommendation:

We will sell EUR at 1.5320 with a stop at 1.5420.