Elliott wave analysis of EUR/NZD for January 17, 2017

Wave summary:
We continue to look for evidence that the double zig-zag correction from 1.5235 is complete. The first solid evidence, will be a break above minor resistance at 1.5007, while a break above resistance at 1.5193 confirms that the wave iii/ higher toward 1.5837 and above longer term has taken over. That said, we have to acknowledge the risk of a third zig-zag unfolding. If this is the case, then more downside toward 1.4778 could be seen before the next impulsive rally finally takes over.

R3: 1.5193
R2: 1.5050
R1: 1.5007
Pivot: 1.4895
S1: 1.4841
S2: 1.4810
S3: 1.4778

Trading recommendation:
We will only buy a break above 1.500

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