FX.co ★ Elliott wave analysis of EUR/NZD for December 29, 2016

Wave summary:

The correction in wave [ii] continues to work its way lower to the ideal 1.4964 target. We have seen a test of 1.4985, and we'll likely need a little more downside to complete the corrective decline in wave [ii] to set the stage for wave [iii]. Then the price can take over for a rally towards 1.5836 and above.

Only a direct break above 1.5191 will indicate that wave [ii] is completed early and wave [iii] is already unfolding.

Trading recommendation:

We will keep our EUR buy order at 1.4925 or upon a break above 1.5191.