FX.co ★ Elliott wave analysis of EUR/NZD for October 7, 2016

Wave summary:

The failure to break above resistance at 1.5658 has caused a slightly deeper correction closer to support near 1.5481. We expect the support near 1.5481 will be able to act as a floor for the next and likely successful attempt to break above resistance at 1.5658 for the rally to 1.5969 and likely even closer to 1.6491 as the rally gathers upside momentum.

Trading recommendation:

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