Elliott wave analysis of EUR/NZD for June 15, 2017

Wave summary:

The corrective decline from 1.6237 extended lower to 1.5369, which did not come as a major surprise due to the lack of upside momentum. That said, the final decline to 1.5369 was followed by a clear lack of downside momentum indicating that the final corrective low likely have been seen. To confirm that outlook, we need a break above the resistance-line now sitting at 1.5567 and more importantly a break above 1.5633 for a rally to 1.5931 and 1.6237 on the way higher to 1.6655 and above longer term.

R3: 1.5724

R2: 1.5633

R1: 1.5567

Pivot: 1.5525

S1: 1.5490

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 1.5567 and use the same stop.

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