Elliott wave analysis of EUR/NZD for July 31, 2017

Wave summary:

We continue to look for a break above 1.5780 and more importantly a break above resistance at 1.5899 to confirm red wave iii/ higher towards 1.6236. That said, as long as minor resistance at 1.5780 is able to cap the upside, a continued sideways consolidation remains expected.

Only an unexpected break below 1.5419 will call for a deeper correction in red wave ii.

R3: 1.5899

R2: 1.5790

R1: 1.5699

Pivot: 1.5650

S1: 1.5570

S2: 1.5492

S3: 1.5419

Trading recommendation:

We are long EUR from 1.5510 with stop placed at 1.5410. If you are not long EUR yet, then buy a break above 1.5790 and start by using the same stop at 1.5410.

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