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29.07.201608:25 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for July 29 - 2016

Long-term review

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Wave summary:

The big question here is whether wave ii already completed at 1.5493 or one more decline closer to 1.5404 is needed to complete wave ii and set the stage for the next impulsive rally higher towards 1.6095 and above?

A direct break above minor resistance at 1.5707 will confirm that wave ii is already complete, but until this break is seen, we need to allow for the possibility of one more decline closer to 1.5404 to complete wave ii.

Trading recommendation:

We are long EUR from 1.5640 and will place our stop at 1.5570. If you are not long EUR yet, then wait for a break above 1.5707 or a test of 1.5404 before buying.

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