FX.co ★ Elliott wave analysis of EUR/NZD for August 10, 2016

Wave summary:

The EUR/NZD pair has once again failed to rally and remains locked inside the corrective channel from 1.5839. A break below 1.5395 will call for more downside pressure towards 1.5364 and maybe even lower to 1.5296. Only a break above minor resistance at 1.5576 will ease the downside pressure, but a break above resistance at 1.5646 is needed to indicate that the corrective decline is complete eventually and a new rally to 1.5839 and above towards at least 1.6161 is developing.

Trading recommendation

We are long EUR from 1.5627 with stop placed at 1.5390. If you are not long EUR yet, a good decision is to buy a break above 1.5646 and place your stop at 1.5390.