Elliott wave analysis of EUR/NZD for July 8, 2015 Market Analysis Review

Technical summary:

The pair is still consolidating in a narrow range between 1.6410 and 1.6622, but we continue to look for a break above 1.6622 confirming more upside pressure towards 1.7154 as the next major upside target.

An unexpected breakput below support at 1.6410 will delay expected upside pressure, but only to decline closer to the support line near 1.6200 before the next rally.

Trading recommendation:

We are long EUR from 1.6588 and will keep our stop at 1.6310, but move it higher to 1.6400 when resistance at 1.6622 gets broken. If you are not long EUR yet, buy EUR closre to 1.6410 or upon a break above 1.6622 using 1.6400 as the stop too.

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