Elliott wave analysis of EUR/NZD for July 6, 2017

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Wave summary:

EUR/NZD continues to trade within a narrow range between 1.5500 - 1.5655. As long as the minor resistance at 1.5655 is able to cap the upside as long must a possible spike lower to 1.5450 be expected. Only a break above the minor resistance at 1.5655 will indicate that the corrective consolidation in red wave ii is complete and the next impulsive rally higher to 1.6232 is developing.

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 near 1.5450 or upon a break above 1.5655 and start be using the same stop.

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