Elliott wave analysis of EUR/NZD for July 27, 2017

Wave summary:

The trading range has finally been broken. A little surprising it was broken towards the downside for a deeper correction in red wave ii/, but short-term important support at 1.5419 should continue to cap the downside for renewed strength and a break above minor resistance at 1.5729 and more importantly a break above 1.5780 that will call for a rally higher to 1.6232 and above.

At no point can a break below 1.5419 be accepted under this count.

Trading recommendation:

We are long EUR from 1.5510 with a stop placed at 1.5410. If you are not long EUR yet, then buy EUR upon a break above 1.5729 or 1.5780 and start by using the same stop at 1.5410.

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

Source:: Elliott wave analysis of EUR/NZD for July 27, 2017