Elliott Wave Analysis of EUR/NZD for May 2 - 2016
The very slow start of what we expect is a new major rally to above 1.6833 and much higher is still developing in a slow motion way. That said, we are currently looking for minor support at 1.6231 to protect the downside for a break above minor resistance at 1.6433 and, more importantly, resistance at 1.6592 to confirm the next rally to resistance at 1.6833 and above.
Only a break below minor support at 1.6231 will yet again delay the expected recovery.
We are long in EUR from 1.6365 and lift our stop to 1.6225. If you are not long in EUR yet, then buy a break above 1.6433 and use the same stop at 1.6225.