FX.co ★ Elliott wave analysis of EUR/NZD for December 22 - 2014

Technical summary:

Ideally, support near 1.5703 will protect the downside for a break above resistance at 1.5845 and more importantly a break above 1.5879 confirming a new rally towards 1.6100 in a possble b-wave triangle. Only a break below support at 1.5643 will invalidate the outlook for a b-wave triangle and call for renewed downside pressure towards 1.5398 and lower.

Trading recommendation:

We will buy EUR near 1.5703 with a stop at 1.5640.