FX.co ★ Elliott wave analysis of EUR/NZD for February 22 - 2016

Wave summary:

The very complex correction since the 1.7273 high is still unfolding and the recent failures to break out towards the upside does indicate that a flat correction is unfolding in wave [ii]. This calls for a little more downside pressure to 1.6475 before the next impulsive rally higher towards 1.7273 on the way higher to 1.8020.

Resistance is now found at 1.6794 and again at 1.6893. The later should protect the upside for the decline closer to 1.6475.

Trading recommendation:

We will buy EUR near 1.6475 or upon a break above 1.6893.