FX.co ★ Elliott wave analysis of EUR/NZD for April 29 - 2015

Technical summary:

The correction in red wave iv moved slightly below the ideal corrective target at 1.4208. Otherwise, the rally of a low of 1.3880 continues to mirror a textbook rally. In the short term, we expect support at 1.4179 to protect the downside for a break above minor resistance at 1.4273 confirming that red wave v higher towards 1.4490 and ideally a little higher to just above resistance at 1.4547. This will mark the first larger impulsive rally of 1.3880 and call for a correction in the entire rally from 1.3880.

Trading recommendation:

We are long EUR from 1.4055 and we will move our stop higher to 1.4165 and place take profit at 1.4475. If you are not long EUR yet, the buy EUR near 1.4230 with the same stop at 1.4165 and take profit at 1.4475.