FX.co ★ Elliott wave analysis of EUR/NZD for August 5, 2016

Wave summary:

Unfortunately, our fear that the corrective decline in wave ii from 1.5839 needed more downside room closer to 1.5330 proved correct. We still see this correction as a nice buy set-up, but we need to let it have more time to complete. From support at 1.5330 or upon a break above 1.5627 the next strong rally higher towards 1.7281 and above will be expected.

Trading recommendation:

Our stop at 1.5400 was hit. We will buy EUR at 1.5345 with stop placed at 1.5065 or upon a break above 1.5627.