Elliott wave analysis of EUR/NZD for June 27, 2017

Wave summary:

The corrective decline in wave ii/ will not rest and continues to make new lows keeping the correction alive. We still think a low is nearby, but only a break above minor resistance seen at 1.5504 will confirm that wave ii/ has completed and wave iii/ has taken over for a new impulsive rally to above 1.6237.

The corrective decline from 1.6237 is clearly losing downside momentum but still is able to continue it slowly, but relentless push lower.

R3: 1.5534

R2: 1.5504

R1: 1.5401

Pivot: 1.5350

S1: 1.5315

S2: 1.5291

S3: 1.5238

Trading recommendation:

We are long EUR from 1.5446 with stop placed at 1.5246. If you are not long EUR yet, then buy a break above 1.5504 and use the same stop at 1.5246.

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

Source:: Elliott wave analysis of EUR/NZD for June 27, 2017