FX.co ★ Elliott wave analysis of EUR/NZD for July 13 - 2016

Wave summary:

There is no change in view here.

We remain focused on the downside for a break below the minor support at 1.5072 calling for more downside pressure towards 1.4920 as the next downside target.

In the long term, we could see a deeper decline towards 1.4490 as this corrective decline from 1.9023 is in progress.

Trade recommendation:

We are short on the EUR from 1.5500 with stop placed at 1.5365. If you are not short on the EUR yet, then sell a break below the minor support at 1.5072 and place you stop at 1.5277