FX.co ★ Elliott wave analysis of EUR/NZD for April 20 - 2016

Wave summary:

We have seen a new low at 1.6062 which has been followed by a clear loss of momentum, but to confirm that a new low is in place a break above 1.6499 will be needed.

As long as resistance at 1.6499 is protecting the upside, we will have to stay flexible and accept the possibility of a little more downside pressure towards 1.6035, but it should only be a matter of time before the low is in place.

At no time can a break below 1.5794 be accepted.

Trading recommendation:

We bought EUR at 1.6105 and have placed our stop at 1.6055. If you are not long in EUR yet, then buy a break above 1.6499.