FX.co ★ Elliott wave analysis of EUR/NZD for August 3, 2016

Wave summary:

We are still looking for a break above the minor resistance line near 1.5610 as the first strong indication that the corrective decline from 1.5839 finally has completed and a new impulsive rally higher towards 1.6652 should be expected.The corrective decline from 1.5839 is a strong bullish set-up, but we need the break above the resistance line to really trigger this set-up for the next large rally higher to 1.5839 and above.

Trading recommendation:

We are long EUR from 1.5540 with stop placed at 1.5400. If you are not long EUR yet, then buy a break above the resistance line near 1.5610 and place your stop at 1.5510.