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    Elliott wave analysis of EUR/NZD for May 21 - 2015

    2015-05-21-EURNZD-4H.png

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    Technical summary:

    The expanded flat correction from 1.5247 continues to unfold as expected. In the short term, we will be looking for a break below the minor support at 1.5157 and more importantly below the support at 1.5130 that should cause renewed downside pressure for a decline towards 1.4725.

    The risk is that we only will see a decline to the minor support-line near 1.5100 for one more corrective rally higher to 1.5239 before the next decline towards the ideal target at 1.4725 will be seen.

    Trading recommendation:

    We will sell EUR upon a break below support at 1.5157 with a stop placed at 1.5255 and take-profit revers of the short position to a long EUR position at 1.4750.

    Uitgevoerd door, Analytische expert
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