FX.co ★ Elliott wave analysis of EUR/NZD for February 9 - 2015

Technical summary:

The break below 1.5343 calls for an extension of wave (iv) lower towards 1.5244 before the correction is over. Wave (iii) higher towards 1.6918 can be expected. Short minor resistance at 1.5415 ideally will protect the upside for a break below 1.5309 confirming the test of the 61.8% corrective target at 1.5244. Only a direct break above resistance at 1.5490 will indicate that wave (iv) already is over and wave (iii) higher is developing.

Trading recommendation:

We will buy EUR at 1.5255 with a stop at 1.5155 or upon a break above resistance at 1.5390.