FX.co ★ Elliott wave analysis of EUR/NZD for September 15 - 2016

Wave summary:

We continue to look for an ending diagonal to unfold here. Short term, we will ideally seen resistance near 1.5511 for a break below minor support at 1.5217 for a decline to 1.4989 and lower to 1.4700 to complete the long term corrective decline from 1.9023.

Only an unexpected break above 1.5649 will question this scenario and call for a new test of 1.5839 and likely above.

Trading recommendation:

We will keep our sell order at 1.5600 with stop + revers of the position at 1.5660.