FX.co ★ Elliott wave analysis of EUR/NZD for July 25 - 2016

Wave summary:

As the correction from 1.5837 has become deeper than expected, we have concluded wave i at 1.5837, and a correction in wave ii is currently unfolding. The first target to look for is the low [iv] at 1.5530. Once this target has been tested, the correction can terminate and a new impulsive rally towards at least 1.6381 and likely higher towards 1.6917 will be expected.

Trading recommendation:

We are looking for a buy opportunity at 1.5545 with stop placed at 1.5500. Or buy a break above minor resistance at 1.5801 with stop placed at 1.5590.