Elliott wave analysis of EUR/NZD for July 3, 2017

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Wave summary:

We have seen the expected decline from 1.5711, but it has not been able to break below support at 1.5480 yet. This could still be seen, but then minor resistance at 1.5639 ideally should be able to cap the upside. If this resistance is broken then a running flat, will be the most likely corrective pattern and a new impulsive rally towards 1.6232 already developing.

R3: 1.5931

R2: 1.5801

R1: 1.5712

Pivot: 1.5600

S1: 1.5500

S2: 1.5450

S3: 1.5400

Trading recommendation:

We are long EUR from 1.5645 with stop placed at 1.5210. If you are not long EUR yet, then buy near 1.5450 or upon a break above 1.5639 and use the same stop at 1.5210.

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