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    Elliott wave analysis of EUR/NZD for March 16, 2016 2016-03-16

     

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    Wave summary:

    We have seen a minor break above the resistance at 1.6845, but it is not enough to confirm that the next impulsive rally towards 1.7220 is developing. However, we expect the minor support at 1.6616 will be able to protect the downside for a new rally above 1.6845 for the expected rally to 1.7220 and above.

    A break below 1.6616 will delay the expected rally but it won't alter the bullish count.

    Trading recommendation:

    We are long EUR from 1.6595 with stop placed at 1.6460. If you are not long EUR yet, then buy near 1.6616 and use the same stop at 1.6460.


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