FX.co ★ Elliott wave analysis of EUR/NZD for July 14 - 2016

Wave summary:

The strong break above resistance at 1.5336 is of concern, but not yet destoying the possibility of more downside pressure. However, if the minor resistance line near 1.5455 is also broken, then a strong indication of a bottom already being in place has been seen.

We have considered the decline from 1.9023 as corrective all the time, but did expect wave C of 2 to move closer to the equallity target at 1.4470, but a break above the resistance line near 1.5455 will indicate that wave C will fall short of the equallity target and call for more upside towards 1.6931 and higher.

Trading recommendation:

Our stop at 1.5365 was hit for a small profit. We will sell EUR at 1.5450, then will stop and reverse at 1.5475.