FX.co ★ Elliott wave analysis of EUR/NZD for August 4, 2016

Wave summary:

EUR/NZD once again failed to break above the resistance line from 1.5839 triggering the buy set-up that has been building. We still think that a break above this resistance line near 1.5594 will be broken soon, but we also have to acknowledge that it keeps the risk of one more corrective leg lower towards 1.5365 alive. If a break below 1.5418 is seen, this corrective target should be expected.

Trading recommendation:

We remain long 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 1.5594 and use the same stop at 1.5400 expecting to move it higher soon.