FX.co ★ Elliott wave analysis of EUR/NZD for May 18 - 2016

Wave summary:

With a low at 1.6538, we are now looking for a break above the minor resistance line near 1.6675 to confirm that the correction from 1.6931 is over and a new impulsive rally towards 1.7254 is developing.

In the short term, we expect that minor support at 1.6586 and, more importantly, support at 1.6538 will protect the downside for a break above 1.6675.

Trading recommendation:

We are long in EUR from 1.6550 with stop placed at 1.6475. If you are not long in EUR yet, then buy a break above 1.6675 and use the same stop at 1.6475.