Elliott wave analysis of EUR/NZD for April 12, 2017: 4h Frame

Wave summary: There is not much to add from yesterday's update here. The range trading between 1.5150 - 1.5347 continues to dominate the picture and only a breakout of this range will determine the next larger move up or down. We still favor a rally above resistance at 1.5347 for a continuation higher to 1.5570 and likely even closer to 1.5790. That said, we need to respect an unexpected break below support at 1.5150 that will extend the corrective decline from 1.5486 closer to 1.4990 and possibly even closer to 1.4874 before the next rally higher.

R3: 1.5347 R2: 1.5312 R1: 1.5280 Pivot: 1.5230 S1: 1.5180 S2: 1.5165 S3: 1.5151

Trading recommendation: We are long EUR from 1.5235 and will take a small profit here at 1.5276. We will only re-buy EUR upon a break above 1.5347