FX.co ★ Elliott wave analysis of EUR/NZD for April 22 - 2015

Technical summary:

We have seen a nice decline to our first downside target at 1.3867. However, as long as resistance at 1.4051 is able to protect the upside, we will be looking for a move closer to our second downside target at 1.3687 before a firm bottom is expected to be in place.

A direct break above 1.4051 is needed to indicate that the bottom is already in place for a rally back to important resistance at 1.4237.

Trading recommendation:

We are short EUR from 1.4145 and will move our stop+reverse lower to 1.4055 and we will place take profit+reverse at 1.3700