FX.co ★ Elliott wave analysis of EUR/NZD for August 7 - 2015

Technical summary:

We are still locked inside a very narrow consolidation-area between 1.6554 and 1.6791. We continue to look for an upside break for a continuation higher towards 1.6995 and 1.7277. Only a break below 1.6554 will delay the expected upside pressure closer to 1.6320 before moving higher again.

Trading recommendation:

We are long EUR from 1.6603 with stop placed at 1.6550. If you are not long EUR yet, then wait for a break above resistance at 1.6791 before buying EUR.