Elliott wave analysis of EUR/NZD for June 7, 2017

Wave summary:

We continue to look for one more dip to just below 1.5588 in an expanded flat correction. This final dip should make it closer to 1.5485 to complete wave ii/ and turn prices higher in wave iii/ to above resistance at 1.6237 for a rally towards 1.6655 and above.

R3: 1.6006

R2: 1.5837

R1: 1.5805

Pivot: 1.5700

S1: 1.5598

S2: 1.5519

S3: 1.5485

Trading recommendation:

Our stop at 1.5650 has been hit. We will re-buy EUR at 1.5505 and place stop at 1.5455.

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