FX.co ★ Elliott wave analysis of EUR/NZD for December 19 - 2016

EUR/NZD - Daily

EUR/NZD - 8 Hourly

Wave summary:

The strong rally seen after the break above minor resistance at 1.4823 is very encouraging for our preferred count that shows an ending diagonal completed with the test of 1.4654. We are currently looking for minor support near 1.4896 to be able to protect the downside for the next rally higher towards 1.5092 and ideally above closer to 1.5162 before a minor correction should be expected.

Once resistance at 1.5092 is broken, there should be no more doubt that a new long-term impulsive rally is developing.

Trade recommendation:

We are long EUR from 1.4830 and will move our stop higher to 1.4782. If you are not long EUR yet, then buy near 1.4896 and use the same stop at 1.4782.