FX.co ★ Elliott wave analysis of EUR/NZD for July 27 - 2015

Technical summary:

A flat correction from 1.6812 is still unfolding. We will be looking for an opportunity of a new test at 1.6812 before renewed downside pressure in wave c, which is expected below 1.6325 to end wave 2 and set the stage for wave 3 much higher.

The correction in wave 2 could turn out into an expanded flat, which would call for a push in wave b towards 1.7002 before wave c moves lower to 1.6217 to end wave 2 and wave 3 to move higher.

Trading recommendation:

Will will keep our neutral stance until the picture gets more clear.