FX.co ★ Elliott wave analysis of EUR/NZD for July 20, 2015

Technical summary:

We continue looking for an opportunity to move more upside towards 1.6915 and even 1.7050 on the way higher to the ideal target for wave (v) at 1.7154. That said wave (v) has already formed a top at 1.6812 and a larger correction is about to unfold. To indicate that a top is already in place, a break below the support at 1.6349 is needed. It will call for a continuation lower to at least 1.6035.

Trading recommendation:

We are long EUR from 1.6588 and will keep our stop at 1.6425.