FX.co ★ Elliott wave analysis of EUR/NZD for January 11, 2017

Wave summary:

We continue to look for a break above minor resistance at 1.5282 that will confirm acceleration higher towards the next target area between 1.5837 - 1.5869. Longer term, we continue to look for much higher levels. Short term, support is seen at 1.4991 and below at 1.4960. Should the later be broken, we will see a dip to 1.4900 before the corrective low is in place and a new impulse rally can take hold.

R3: 1.5282

R2: 1.5228

R1: 1.5193

Pivot: 1.5080

S1: 1.4991

S2: 1.4960

S3: 1.4900

Trading recommendation:

We are long EUR from 1.5123 with stop placed at 1.4955. If you are not long EUR yet, then buy a break above 1.5282 and use the same stop at 1.4955.