FX.co ★ Elliott wave analysis of EUR/NZD for July 1 - 2016

Wave summary:

Wave (ii) is taking longer than we expected. In the short term, we are looking for a break above minor resistance at 1.5600 confirming another rally closer to 1.5816 to complete a flat correction as wave (ii). From 1.5816, the next impulsive decline lower to 1.4490 is expected.

Trading recommendation:

We will sell EUR at 1.5805 with stop placed at 1.5875.