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25.05.201516:58 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for May 26 - 2015

Long-term review

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Technical summary:

Wave c of the expanded flat correction continues to unfold as expected. We are looking for a bottom for wave c at 1.4725. Short term, we expect minor resistance near 1.5062 will protect the upside for a break below support at 1.4995 for a continuation lower to 1.4725.

It will take an unexpected break above resistance at 1.5208 to indicate a bottom for wave (ii) already is in place.

Trading recommendation:

We will sell EUR at 1.5050 or upon a break below 1.4995 with stop placed at 1.5195.

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