Elliott wave analysis of EUR/NZD for July 7, 2017

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Wave summary:

EUR/NZD remain locked inside the 1.5500 - 1.5710 range and only a clear break out of this range will call for the next larger move. We continue to prefer a break towards the upside for a rally higher towards 1.6232 and above.

R3: 1.5931

R2: 1.5801

R1: 1.5710

Pivot: 1.5605

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 a break above 1.5710 and place a stop at 1.5450.

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