FX.co ★ Elliott wave analysis of EUR/NZD for September 29 - 2016

Wave summary:

We continue to look for a break above resistance at 1.5553 to confirm that wave [iii] of iii higher towards 1.5969 and above is developing. Ideally we will see support at 1.5299 continue to act as a floor for the rally above 1.5553, but only a break below important support at 1.5124 will invalidate our bullish outlook.

Trading recommendation:

We are long EUR from 1.5515 with stop placed at 1.5120. If you are not long EUR yet, then buy a break above 1.5553 with stop placed at 1.5290.