FX.co ★ Elliott wave analysis of EUR/NZD for July 22 - 2016

Wave summary:

We continue to look for one more spike higher to the ideal 1.5941 target, from where a corrective decline to the low of wave [iv] at 1.5530 is expected before the next impulsive rally higher towards at least 1.6381 and likely even higher to the first extension target at 1.6917.

Short-term support is seen at 1.5636, which ideally will be able to protect the downside for a rally to 1.5941.

Trading recommendation:

We are waiting for a new EUR buying opportunity at 1.5540 with stop placed at 1.5400.