Elliott Wave Analysis of EUR/NZD for April 7 - 2016
We are still waiting for some real upside acceleration, but to signal the beginning of this upside acceleration, a break above resistance at 1.6800 and, more importantly, a break above 1.6874 is needed to call for a rally to 1.7220 on the way higher towards 1.8550.
Support is seen at 1.6624 and is expected to continue to protect the downside for a break above 1.6800.
Should support at 1.6624 be broken, back-up support is seen at 1.6585.
We are long in EUR from 1.6250 with stop placed at 1.6600. If you are not long in EUR yet, then buy near 1.6624 or upon a break above 1.6800 and use the same stop at 1.6600.
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