FX.co ★ Elliott wave analysis of EUR/NZD for January 14 - 2015

Technical summary:

The correction in blue wave iv continues to unfold as expected. We continue to look for a move closer to the 38.2% corrective target at 1.5351 before blue wave v lower towards 1.4912 is expected to take over. Short-term support is found at 1.5263, which ideally will protect the downside for the move higher to 1.5351 to end blue wave iv and set the stage for blue wave v lower.

Trading recommendation:

We are looking to sell EUR at 1.5320 with a stop at 1.5420.