FX.co ★ Elliott wave analysis of EUR/NZD for July 19 - 2016

Wave summary:

The impulsive rally of the 1.5072 does not look complete yet and might even extend closer to 1.5914 before completing and setting the stage for a more substantial correction towards 1.5400 which marks the bottom of wave [iv].

The first indication that wave i is complete will be a break below minor support at 1.5639.

Trading recommendation:

Our take-profit at 1.5700 was hit for a nice profit. We will wait for signs of a top or a correction before engaging.