Elliott wave analysis of EUR/NZD for June 12, 2017

Wave summary:

We continue to look for confirmation that the wave ii has completed in form of a break above the resistance line near 1.5685 and more importantly a break above resistance at 1.5720. Once this resistance is broken, renewed upside pressure will be expected towards 1.6002 on the way higher to 1.6655.

R3: 1.5931

R2: 1.5796

R1: 1.5671

Pivot: 1.5600

S1: 1.5491

S2: 1.5439

S3: 1.5369

Trading recommendation:

We are long EUR from 1.5540 with stop placed at 1.5340. If you are not long EUR yet, then buy upon a break above 1.5671 and place stop at 1.5430.

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