FX.co ★ Elliott wave analysis of EUR/NZD for December 30, 2016

Wave summary:

EUR/NZD tested the 38.2% corrective target at 1.4976 before turning higher. The wave [ii] and wave [iii] higher are likely completed towards the 161.8% extension; the target at 1.5911 should now be expected. The pair can break below support at 1.4971 to reinstate the correction in wave [ii], but the potential downside will likely be limited to 1.4924 from where wave [iii] will be ready to take over for a rally towards the 1.5836 -1.5911 area.

Trading recommendation:

We are long EUR from 1.5295 and will place our stop at 1.4960.