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

Wave Summary:

After the break above minor resistance at 1.5292 we would have liked to see upside acceleration. That has not been the case and do make us more cautious. However, we will let the bullish outlook have the benefit of the doubt as long as support at 1.5175 and more importantly as long as support at 1.5138 is able to protect the downside.

Short term a break above minor resistance at 1.5351 should call for more upside progress to 1.5525 and above to 1.5764.

Trading recommendation:

We are long EUR from 1.5285 with stop placed at 1.5170. If you are not long EUR yet, then but a break above 1.5351 and start by using the same stop at 1.5170.