Elliott Wave Ananlysis of EUR/NZD for July 24, 2017


Wave summary:

EUR/NZD remains locked in the 1.5577 – 1.5730 range. We are still looking for a break above the minor resistance at 1.5730 and more importantly a break above resistance at 1.5899 to confirm the next impulsive rally higher towards 1.6236 and above.

A break below 1.5577 will delay the expected rally higher, but support at 1.5419 should protect the downside.

Trading recommendation:

We are long EUR from 1.5510 with stop placed at 1.5410. If you are not long EUR yet, then buy near 1.5577 or upon a break above 1.5730 and use the same stop.

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