FX.co ★ Elliott wave analysis of EUR/NZD for May 10, 2016

Wave summary:

Our patience is finally paying off. We have finally seen the expected break above 1.6874 calling for more upside pressure towards 1.7273 and above.

We have been calling for upside acceleration for a while now and this should now be more evident with the break above 1.6874 adding confidence in the long-term bullish view.

Short-term support is seen at 1.6769 and again near 1.6725.

Trading recommendation:

We are long EUR from 1.6315 and will move our stop higher to 1.6600 securing a nice profit. If you are not long EUR yet, then buy near 1.6769 and use the same stop at 1.6600.