FX.co ★ Elliott wave analysis of EUR/NZD for May 5 - 2016

Wave summary:

We now have a clear break above the red resistance line from 1.7223 confirming that wave [iii] of 3 is developing, so it should only be a question of time before the real upside acceleration is seen. This is the part of the impulsive wave where the prices rally so strongly that it becomes almost vertical.

In the short term, a break above resistance at 1.6874 should kick the prices quickly higher to 1.7223 and above for a continuation higher to 1.8420

Trading recommendation:

We are long in EUR from 1.6365 with stop placed at 1.6415. If you are not long in EUR yet, then buy near 1.6570 or a break above 1.6745 and use the same stop at 1.6415.