Elliott wave analysis of EUR/NZD for July 26 – 2016

Source: Forex Analysis


Wave summary:

The corrective decline in wave ii does not look complete yet, and more downside pressure towards the 50% corrective target at 1.5506 and maybe even lower to the 61.8% corrective target at 1.5404 cannot be ruled out as long as the minor resistance line near 1.5731 is able to protect the upside.

Only from 1.5506 or upon a direct break above 1.5731 should a new impulsive rally be expected.

Trading recommendation:

If you went long from 1.5545, then move your stop to the breakeven and take profit at 1.5720. Waiting for a new buying opportunity near 1.5506.

The material has been provided by InstaForex Company – www.instaforex.com