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

Technical summary:

We still think the best count is that wave (ii) ends at 1.5198. However, to put this preferable scenario into practise, we need support at 1.5212 staying untouched for a break above minor resistance at 1.5359 and more importantly a break above resistance at 1.5393 for the next rally higher towards 1.6668. Only a break below 1.5212 will delay the expected upside pressure, but the downside potential should prove to be very limited.

Trading recommendations:

We will buy EUR at 1.5290 or upon a break above 1.5393 with a stop placed at 1.5190.