12.07.201611:58 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for July 12 - 2016

Long-term review

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Wave summary:

There is minor correction. We were looking for a move higher to 1.5336 before turning lower again.

In the short term, we will be looking for minor resistance at 1.5261 to protect the upside for more downside pressure to 1.5070 and below for a continuation lower towards 1.4490 as the ideal downside target.

Trading recommendation:

We are short on the EUR from 1.5500 and will move our stop lower to 1.5350 securing a profit no matter what happens. If you are not short on the EUR yet, then sell at 1.5260 and use the same stop at 1.5350.

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