FX.co ★ Elliott wave analysis of EUR/NZD for September 2, 2016

Wave summary:

The price action continues to be very discouraging. We continue to look for a firm break above 1.5408 and more importantly for a break above resistance at 1.5520 for confirmation that the ongoing correction finally has completed and a new impulsive rally higher to 1.5900 and 1.6426 is developing.

Longer term, we continue to look for much higher levels here.

Trading recommendation:

We are long EUR from 1.5370 with stop placed at 1.5180. If you are not long EUR yet, then buy upon a break above 1.5408 and use the same stop at 1.5180.