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07.04.201605:47 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for April 7 - 2016

Long-term review

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Wave summary:

We are still waiting for some real upside acceleration, but to signal the beginning of this upside acceleration, a break above resistance at 1.6800 and, more importantly, a break above 1.6874 is needed to call for a rally to 1.7220 on the way higher towards 1.8550.

Support is seen at 1.6624 and is expected to continue to protect the downside for a break above 1.6800.

Should support at 1.6624 be broken, back-up support is seen at 1.6585.

Trading recommendation:

We are long in EUR from 1.6250 with stop placed at 1.6600. If you are not long in EUR yet, then buy near 1.6624 or upon a break above 1.6800 and use the same stop at 1.6600.

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