FX.co ★ Elliott wave analysis of EUR/NZD for March 7 - 2016

Wave summary:

We have just seen the expected test of support at 1.6110 (the pair hit the low at 1.6085). We are now looking for a break above minor resistance at 1.6304 as the first good indication that wave [ii] is over and wave [iii] higher is developing.

A break above resistance at 1.6637 confirms that wave [iii] is developing.

Trading recommendation:

We are long EUR from 1.6125 with stop placed at 1.5790. If you are not long EUR yet, the buy here or upon a break above 1.6304 a place your stop below the most recent low.