FX.co ★ Elliott wave analysis of EUR/NZD for October 26, 2016

Wave summary:

We are still looking for a clear break above minor resistance at 1.5292 to confirm that the correction from 1.5764 completed with the test of 1.5066, and that a new impulsive rally to above 1.5764 is developing.

As long as minor resistance at 1.5292 is able to cap the upside, we might see more consolidation within the 1.5066 - 1.5292 area, but a new impulsive rally will ideally be seen soon for the rally to 1.5764 and above towards 1.6396.

Trading recommendation:

We are long EUR from 1.5285 with stop placed at 1.4985. If you are not long EUR yet, then buy a break above 1.5292 and use the same stop at 1.4985.