FX.co ★ Elliott wave analysis of EUR/NZD for September 28, 2016

Wave summary:

We have seen the expected corrective decline in the wave [ii] to 1.5288 and now the price is likely to rally strongly above the resistance at 1.5553 towards 1.5969 and likely even higher to 1.6491.

The support at 1.5288 is expected to act as a floor for the next impulsive rally. However, only a break below support at 1.5124 will confuse the overall picture calling for more advance towards 1.6931 and 1.9023 on the way higher.

Trading recommendation:

We are long EUR from 1.5515 with stop placed at 1.5120. Upon a break above 1.5155 we will move our stop higher to 1.5280. If you are not long EUR yet, then buy upon a break above 1.5483 and use the same stops.