Elliott wave analysis of EUR/NZD for June 7, 2018

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EUR/NZD has rallied nicely from the 1.6598 low and is currently testing important resistance at 1.6764. We need a clear break above here, to confirm that wave ii did complete at 1.6598 and wave iii higher to above 1.7300 is developing.

Short-term, we could see a set-back from important resistance at 1.6764 towards 1.6688 for a new challenge of resistance at 1.6764 and the next time we expect a clear break confirming wave iii/ higher towards 1.6937 starts to develop.

At this point on a break below minor support at 1.6612 will question our bullish outlook.

R3: 1.6874

R2: 1.6929

R1: 1.6786

Pivot: 1.6764

S1: 1.6720

S2: 1.6704

S3: 1.6688

Trading recommendation:

We are long EUR from 1.6600 and will raise our stop from 1.6510 to 1.6610. If you are not long EUR yet, then buy near 1.6688 or upon a break above 1.6764.

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

Source:: Elliott wave analysis of EUR/NZD for June 7, 2018

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