FX.co ★ Elliott wave analysis of EUR/NZD for January 11, 2016

Wave summary:

Our count continues to work perfectly and we have already seen resistance at 1.6748 tested, but not yet broken clearly. However, it should just be a matter of time before the break above the resistance at 1.6748 is seen for a continuation higher towards 1.7133 as the next major upside target.

In the short term, we will ideally see support at 1.6526 protect the downside for the next rally above 1.6748 for the rally towards 1.7133.

Trading recommendation:

We are long EUR from 1.5810 and we will move our stop higher to 1.6235. If you are not long EUR yet, then buy near 1.6526 and use the same stop at 1.6235.