Elliott wave analysis of EUR/NZD for June 19, 2017

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Wave summary:

The corrective decline in wave ii/ will not loosen its grip and it has now spiked below support at 1.5423, this opens for more downside pressure towards 1.5261 as long as the resistance line near 1.5500 and more importantly as long minor resistance at 1.5564 is able to cap the upside. However, a break above this resistance will indicate that wave ii/ has completed and wave iii/ towards 1.6655 is developing.

R3: 1.5544

R2: 1.5485

R1: 1.5415

Pivot: 1.5400

S1: 1.5347

S2: 1.5300

S3: 1.5261

Trading recommendation:

Our stop was hit for a loss. We will only buy a break above 1.5564.

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

Source:: Elliott wave analysis of EUR/NZD for June 19, 2017

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