FX.co ★ Elliott wave analysis of EUR/NZD for August 29, 2016

Wave summary:

Friday's weird price-action pushed prices lower to 1.5283 before a recovery was seen. We are currently looking for a break above minor resistance at 1.5545 and more importantly for a break above resistance at 1.5642, confirming the next impulsive rally towards 1.6428 and possibly even higher to 1.7193.

Short term, we expected minor support at 1.5283 and more importantly support at 1.5187 will protect the downside for the break above 1.5545.

Trading recommendation:

We are long EUR from 1.5370 with stop placed at 1.5180. If you are not long yet, then buy a break above 1.5545 and place stop at 1.5275.