FX.co ★ Elliott wave analysis of EUR/NZD for August 8, 2016

Wave summary:

We saw a new low 1.5397, before the next rally higher and the break above the channel resistance line at 1.5551 is the first good indication that the correction in wave ii finally has come to an end and a new impulsive rally is developing. A clear break above minor resistance at 1.5627 is still needed to confirm a rally, in particular the start of a new impulsive rally higher to 1.6178 and above.

Short-term support is seen at 1.5518 and at 1.5397.

Trading recommendation:

We are long EUR from 1.5627 with stop placed at 1.5390. If you are not long EUR yet, then buy near 1.5518 or upon a break above 1.5615 and start by using the same stop at 1.5397.