FX.co ★ Elliott wave analysis of EUR/NZD for October 22, 2015

Wave summary:

A failure to break above the base-channel resistance line has forced a less aggressive path, than we had first expected. However, support at 1.6546 should continue to protect the downside for a new attempt to break above the base-channel resistance line for upside acceleration towards 1.7198 and 1.8019.

Only an unexpected break below support at 1.6546 will question whether or not the bottom is in place.

Trading recommendation:

We are long EUR from 1.6555 with stop placed at 1.6540. If you are not long EUR yet, then buy near 1.6546 and use the same stop at 1.6540.