Elliott wave analysis of EUR/NZD for July 2, 2015 Market Analysis Review

Technical summary:

We are still awaiting a break above resistance at 1.6577 to continue higher towards 1.7145,which is the next major upside target. Short-term support is found at 1.6469 and strong support is seen at 1.6367, which will ideally protect the down side for a breakout above 1.6577.

An unexpected break below support at 1.6367, will delay the expected upside pressure for more consolidation. We expect a decline closer to 1.6160 before the next move higher.

Trading recommendation:

We will buy EUR at 1.6475 or upon a break above 1.6577 with stop placed at 1.6350.

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