Elliott Wave Analysis of EUR/NZD for May 9 - 2016
After a slightly deeper correction to 1.6479 a new rally quickly broke back above resistance at 1.6745, indicating that a low is now in place at 1.6479 and more upside should be expected in the coming days/weeks ahead. We are still hungering for upside acceleration that could take us past 1.6874 and releasing the energy for a quick move to 1.7273 and higher.
We are long in EUR from 1.6315 with stop placed at 1.6475. If you are not long in EUR yet, then buy 1.6600 or upon a break above 1.6770 and use the same stop at 1.6475.