FX.co ★ Elliott wave analysis of EUR/NZD for September 27, 2016

Wave summary:

The break above 1.5511 confirmed that the long-term corrective decline from 1.9023 completed with the test of 1.4989, and that a new impulsive rally is developing. On a short-term basis, we expect that support at 1.5288 will act as a floor for the next impulsive rally higher towards 1.5969 and possibly even further to 1.6491.

On a long-term basis, we are looking for a much faster rally that ultimately should take out the 1.9023 high.

Trading recommendation:

We are long EUR from 1.5515 with stop placed at 1.5120. If you are not long EUR yet, then buy near 1.5288 and use the same stop at 1.5120.