FX.co ★ Elliott wave analysis of EUR/NZD for September 12, 2016

Wave summary:

The rally from 1.4989 continues to make headway. This has made us reconsider our previous working count of a triangle and instead we favor an ending diagonal unfolding. Under this count, prices will ideally stay below minor resistance at 1.5520 for a final decline towards 1.4815.

An unexpected break above 1.5520 will question this scenario, while a break above 1.5642 will invalidate this possibility and indicate that a long-term low has already been seen at 1.4989.

Trading recommendation:

We will sell a break below 1.5272 and place stop at 1.5525 and take profit at 1.4850.