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10.02.201606:36 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for February 10, 2016

Long-term review

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Wave summary:

With a breakout above 1.7008 the stage is set for an upside acceleration towards 1.7273 and higher to 1.8020 as the next upside targets.

In the short term, we see support at 1.6966 and strong support at 1.6825 that will ideally protect the downside for a test and breakout above the resistance level of 1.7273. A breakout above the latter should provide acceleration higher to 1.8020.

Trading recommendation:

We are long EUR from 1.6705 with stop at a break-even. If you are not long EUR yet, buy near 1.6825 and use the same stop at 1.6705.

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