FX.co ★ Elliott wave analysis of EUR/NZD for July 3 - 2015

Technical summary:

We saw a break above resistance at 1.6587 yesterday, which indicated that more upside pressure should be expected towards 1.7053 and even 1.7154 in wave v. Now, we would like to see minor support at 1.6495 protecting the downside for a breakout above 1.6555 confirming the next rally higher to 1.6856 and higher to 1.7053.

Only an unexpected break below the support at 1.6304 will delay the expected upside pressure closer to 1.6100.

Trading recommendation:

We bought EUR at 1.6588 and has placed our stop at 1.6360.