FX.co ★ Elliott wave analysis of EUR/NZD for May 22 - 2015

Technical summary:

Wave ii of c became much stronger than we had expected and pierced the 61.8% corrective target at 1.5272 with a high at 1.5288. However, the rally in wave ii was followed by a break below a low of wave i at 1.5076 confirming wave iii lower to 1.4941 and later the ideal downside target at 1.4725.

In the short term, we are looking for resistance near 1.5134 for the next part of a decline towards 1.4941 on the way lower to the ideal downside target at 1.4725 to end wave c of the expanding flat correction.

Trading recommendation:

Our stop is at 1.5255 and we will stand aside for now.