FX.co ★ Elliott wave analysis of EUR/NZD for February 23, 2017

Wave summary:

The correction in wave [ii] continues to push prices lower. The first good indication of wave [ii] being complete will be a break above minor resistance seen at 1.4751, while a break above resistance seen at 1.4835 is needed to confirm that wave [ii] has completed and wave [iii] higher now is unfolding for a rally towards 1.5282 and above.

Only an unexpected break below 1.4495 will invalidate our bullish outlook.

R3: 1.4835

R2: 1.4751

R1: 1.4705

Pivot: 1.4650

S1: 1.4600

S2: 1.4530

S3: 1.4495

Trading recommendation:

We are long EUR from 1.4840 with stop placed at 1.4490. If you are not long EUR yet, then buy a break above 1.4751 and use the same stop at 1.4490