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27.07.201607:37 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for July 27 - 2016

Long-term review

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Wave summary:

As we said yesterday, the corrective decline from 1.5839 did not look complete and one more decline to 1.5506 should be expected. We then laid out a path that might account for the move towards 1.5506. We did not see a rally to 1.5730 before the decline to 1.5506 (the low has been seen at 1.5497), but otherwise the outlined path did a pretty good job. The odds now favor a low being in place with the test of 1.5497, and a break above the minor resistance line near 1.5688 will be the first strong indication of a new impulsive rally higher to at least 1.6738.

Trading recommendation:

We bought EUR again at 1.5510 and have placed our stop at 1.5490. If you are not long in EUR yet, then buy a break above 1.5688 and use the same stop at 1.5490 to start with.

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