FX.co ★ Elliott wave analysis of EUR/NZD for April 5 - 2016

Wave summary:

It finally looks as this cross is beginning to accelerate. In the short term, we expect that minor support at 1.6682 will be able to protect the downside for a continuation higher to minor resistance at 1.6874 and above here it will confirm a continuation higher to 1.7220 on the way towards our long-term target at 1.8550.

If minor support at 1.6682 is broken, then back-up support is seen just below at 1.6624.

Trading recommendation:

We are long from 1.6250 and will move our stop higher to 1.6600. If you are not long yet, then buy near 1.6682 and use the same stop at 1.6600.