FX.co ★ Elliott wave analysis of EUR/NZD for January 3, 2017

Wave Summary:

EUR/NZD has failed to rally above 1.5235, which has extended the consolidation in the 1.4971 - 1.5235 area, but once this consolidation is complete a break above minor resistance at 1.5235 should be seen for a continuation higher towards the 161.8% extension target at 1.5911.

Short-term support is seen at 1.4971 and just below at 1.4945.

Trading recommendation:

We are long EUR from 1.5195 with stop placed at 1.4960. If you are not long EUR yet, then buy a break above 1.5123 and use the same stop at 1.4945. If our stop is triggered, this will be our new market order.