FX.co ★ Elliott wave analysis of EUR/NZD for March 29 - 2016

Wave summary:

We are getting nowhere. It looks like more sideways trading in the 1.6346 - 1.6730 range is needed before renewed upside pressure can be expected for a break above minor resistance at 1.6730 and, more importantly, a break above resistance at 1.6833 for a rally towards 1.8551.

It will take an unexpected break below 1.6086 to invalidate the bullish outlook.

Trading recommendation:

Stay sidelined for now and only buy EUR upon a break above 1.6730.