FX.co ★ Elliott wave analysis of EUR/NZD for January 6, 2016

Wave summary:

We have seen a failed test to break above 1.6220, but we think the next test to break above this minor resistance will be successful. A clear break above 1.6220 will open up the upside for a continuation higher towards 1.6446 and 1.6749 as the next upside targets.

In the short term, we expect minor support at 1.6059 to be able to protect the downside for the anticipated break above 1.6220 for a continuation higher to 1.6446.

Trading recommendation:

We are long EUR from 1.5810 and will keep our stop at 1.5925 for now. If you are not long EUR yet, then buy a break above 1.6220 with your stop placed at 1.6050.