FX.co ★ Elliott wave analysis of EUR/NZD for October 6, 2016

Wave summary:

We will continue to look for support at 1.5533 to act as a floor for the next rally higher to 1.5969 in wave [iii]. After a new sideways consolidation in wave [iv] more upside closer to 1.6491 will be expected.

As a long-term low has been found with the test of 1.4989, we should be looking for a long-term impulsive rally towards 1.6931 and 1.9023 on the way higher to 2.0147.

Trading recommendation:

We are long EUR from 1.5515 with stop placed at 1.5260. Upon a break above 1.5658 we will lift our stop to break-even. If you are not long EUR yet, then buy near 1.5560 or upon a break above 1.5658 and use the same stops.