FX.co ★ Elliott wave analysis of EUR/NZD for August 13 - 2015

Technical summary:

We have seen a top at 1.7077 which is just above the ideal target wave (v) which is equal in length to wave (i). The decline that followed the top has broken below minor support at 1.6800 which does indicate that a firm top is in place at 1.7077 for a correction back to 1.6318 before the next impulsive rally higher should be expected.

At this point only a strong rally back above the top at 1.7077 will call for more upside towards 1.7277.

Trading recommendation:

Our break-even stop was hit. We will try selling EUR at 1.6965 with a stop at 1.7078 and place take profit at 1.6325