Elliott wave analysis of EUR/NZD for July 5, 2017

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Wave summary:

Nothing new to add here. The correction in red wave ii continues to dominate. The lack of strength does allow for a final spike lower to 1.5450 before completing red wave ii and setting the stage for a strong impulsive rally in red wave iii towards at least 1.6232.

R3: 1.5931

R2: 1.5801

R1: 1.5712

Pivot: 1.5650

S1: 1.5566

S2: 1.5500

S3: 1.5450

Trading recommendation:

We are long EUR from 1.5645 with stop placed at 1.5210. If you are not long EUR yet, then buy a break above 1.5712. A break above here will also raise our stop to 1.5450.

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