FX.co ★ Elliott wave analysis of EUR/NZD for February 11 - 2016

Wave summary:

A correction from 1.7144 became deeper than we had expected, but it does not alter our preferred count of a strong impulsive rally higher to 1.7273 and higher to 1.8020 as the next larger upside targets.

The lack of strong impulsive upside pressure is frustrating, but we will just have to be patient as it will be seen sooner or later.

Short-term support is seen at 1.6835 and again at 1.6744, which will ideally protect the downside for a break above minor resistance at 1.6957 indicating the next rally higher towards 1.7273.

Trading recommendation:

Our stop at break-even was exactly hit. We are looking for a new opportunity to buy EUR at 1.6865 or upon a breakout above 1.6955. Stop will be placed at 1.6735.