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

Wave summary:

A corrective decline from 1.7271 continues to grind slowly lower and a breakout below support at 1.6564 calls for a corrective move closer to 1.6370 and possibly even slightly lower to 1.6300 before this correction is over and the next impulsive rally takes place.

Only a direct breakout above resistance at 1.6681 will indicate that the correction has already completed and the next impulsive rally higher is developing towards 1.7271 and higher.

Trading recommendation:

Our stop was hit for a loss. We will be looking for a EUR-buying opportunity near 1.6370.