Elliott wave analysis of EUR/NZD for June 14, 2017

Wave summary:

We are looking for a corrective low near 1.5439 for a break above minor resistance at 1.5633 and more importantly a break above 1.5720 that confirms the corrective low is in place for the next impulsive rally higher in wave iii/ towards 1.6655.

As long as minor resistance at 1.5633 is able to cap the upside, we must allow for a dip slightly below 1.5439, but the downside potential should be limited from here.

R3: 1.5931

R2: 1.5720

R1: 1.5633

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 a break above 1.5633 and use the same stop.

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