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28.07.201607:54 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for July 28 - 2016

Long-term review

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Wave summary:

The failure to break above the minor resistance-line from 1.5837 has prolonged the corrective decline in wave ii and we need to allow for a move closer to the 61.8% corrective target of wave i at 1.5403 as long as the minor resistance-line currently near 1.5640 is able to protect the upside.

However, from support at 1.5403 or a direct break above the minor resistance-line a nice buying opportunity is expected for a rally towards 1.6738 and possibly even higher.

Trading recommendation:

We are long EUR from 1.5510 and will take profit here at 1.5560. We will re-buy EUR at 1.5415 with a stop at 1.5315 or upon a direct break above 1.5640.

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