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    Elliott wave analysis of EUR/NZD for February 8, 2016 2016-02-08

    2016-02-EURNZD-8H.png

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    Wave summary:

    EUR/NZD has failed to build upon the correction from 1.7273 and a breakout above 1.6830 indicates that wave [ii] could be already over. We still need a breakout above 1.7008 to confirm that this is indeed the case. This other possibility is that a more complex wave b of [ii] is unfolding before the final decline closer to the previous expected corrective target seen at 1.6210. If this later scenario is correct, then we will see a rally to 1.7008 before a return lower through 1.6577 and more importantly below 1.6473.

    Trading recommendation:

    We bought EUR at 1.6830 and have placed our stop at 1.6585.


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