FX.co ★ Elliott wave analysis of EUR/NZD for July 7, 2015

Technical summary:

We continue to look for a breakout higher towards the next upside target at 1.7154. Looking at the rally from 1.3860, we have already seen five waves. So, no more progress is required in theory, but we would be surprised if a dowside break is already seen.

It will take a break below the support line from 138.60, which is currently near 1.6225, to indicate that the top is already in place.

Trading recommendation:

We are long EUR from 1.6588 with stop placed at 1.6310. If you are not long EUR already, buy on a break above 1.6625 with your stop placed at 1.6410.