Elliott wave analysis of EUR/NZD for February 5, 2016

Wave summary:
Nothing is going on here besides an annoying sideways consolidation. EUR/NZD is likely to build a base for the next larger rally towards 1.7271 and higher towards 1.8020, but we are seeing all kind of false breakouts both to the upside and to the downside. On Wednesday, we saw a breakout below minor support at 1.6507 calling for a move closer to 1.6210 and there was never a real rally through and now a test of the minor resistance line near 1.6830 seems to be unfolding. However, it will take a breakout above this resistance line and more importantly a breakout above resistance at 1.6916 to confirm that the bottom is in place for a new impulsive rally towards 1.7271 and above.

Trading recommendation:
We are looking for a EUR-buying opportunity near 1.6359 or upon a break above 1.6830.

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