FX.co ★ Elliott wave analysis of EUR/NZD for March 9 - 2015

Technical summary:

Red wave ii corrected almost 100% of red wave i and we are now looking for a break above a minor resistance at 1.4768, which confirms that red wave iii is developing higher towards at least 1.4990. Short term, we expect minor support around 1.4616 - 1.4634 area to protect the downside against the expected break above 1.4768, confirming that red wave iii is developing.

Trading recommendation:

We are long EUR from 1.4725 and will keep our stop at 1.4550. If you are not long EUR yet, then buy near 1.4634 with the same stop at 1.4550.