FX.co ★ Elliott wave analysis of EUR/NZD for January 13, 2017

Wave summary;

The second zig-zag has reached a low at 1.4859 just below our expected target at 1.4876. We will now be looking for a break above minor resistance at 1.5007 and more importantly a break above resistance at 1.5193 that confirms the next impulsive rally higher to 1.5837.

Longer term, we are looking for much higher levels, but first let us get the expected impulsive rally towards 1.5837 to unfold, then we can look for higher levels later.

R3: 1.5193

R2: 1.5047

R1: 1.5007

Pivot: 1.4925

S1: 1.4859 (corrective low)

S2: 1.4811

S3: 1.4781

Trading recommendation:

We bought EUR at 1.4885 and will place stop at 1.4850. If you are not long EUR yet, then buy near 1.4885 or upon a break above 1.5007 and use the same stop at 1.4850.