FX.co ★ Elliott wave analysis of EUR/NZD for February 10, 2017

Wave summary:

Important short-term resistance at 1.4867 remains intact, but it should only be a matter of time before it is broken for a move slightly higher towards 1.4953, which likely will mark the top of wave i/ and set the stage for a minor setback to 1.4735 from where the next impulsive rally in wave iii/ is expected.

Support is now seen at 1.4735, which is expected to protect the downside for the break above resistance at 1.4867 for the spike higher to 1.4953.

R3: 1.4953

R2: 1.4895

R1: 1.4867

Pivot: 1.4820

S1: 1.4758

S2: 1.4735

S3: 1.4678

Trading recommendation:

We will buy EUR at 1.4740 or upon a break above 1.4867. If the later is hit first, we will take profit at 1.4945 for a new buying opportunity at 1.4740.