FX.co ★ Elliott wave analysis of EUR/NZD for April 11, 2017

Wave summary:

EUR/NZD is doing nothing at the moment. It continues to trade within a narrow range between 1.5165 - 1.5338, but we need a break above 1.5347 to confirm that the next impulsive rally higher towards 1.5570 and likely even closer to 1.5790 is unfolding.

Support at 1.5151 should continue to protect the downside.

R3: 1.5347

R2: 1.5312

R2: 1.5280

Pivot: 1.5230

S1: 1.5180

S2: 1.5165

S3: 1.5151

Trading recommendation:

We are long EUR from 1.5235 with stop placed at 1.5050. If you are not long EUR yet, then buy a break above 1.5347 and use the same stop.