Elliott wave analysis of EUR/NZD for June 1, 2017

Wave summary:

The break above minor resistance seen at 1.5869 was the first indication that wave ii/ completed early in a running flat instead of the expected dip below 1.5588 in an expanded flat. To confirm that wave iii/ is indeed developing, we still need to see a break above 1.6002, but once seen that will call for a continuation higher towards 1.6655 as the next upside target.

R3: 1.6157

R2: 1.6088

R1: 1.6002

Pivot: 1.5900

S1: 1.5800

S2: 1.5773

S3: 1.5689

Trading recommendation:

We are long EUR from 1.5869 and will place our stop at 1.5650.

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