Elliott Wave Analysis of EUR/NZD for May 19 - 2016
With the break above minor resistance at 1.5582, the first minor signal of a bottom being in place at 1.6538 has been given. We will now be looking for a clear break above minor resistance at 1.6704 as the next trigger for a rally to 1.6931 and higher to 1.7254 as the next upside targets. However, in the longer term, we continue to expect much higher levels.
Short-term support is seen at 1.6581 with back-up support at 1.6538.
We are long in EUR from 1.6550 with stop placed at 1.6535. If you are not long in EUR yet, then buy a break above 1.6704 and use the same stop at 1.6535.