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Elliott wave analysis of EUR/NZD for June 2, 2017

Posted On 02 Jun 2017
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Wave summary:

We still need a break above minor resistance seen at 1.6002 to confirm that wave ii/ did complete with the test of 1.5660 and that wave iii/ higher towards 1.6655 is developing. Short-term, we expect minor support seen at 1.5815 max. 1.5785 will be able to protect the downside for the rally above 1.6002 confirming a continuation higher.

R3: 1.6157

R2: 1.6088

R1: 1.6002

Pivot: 1.5900

S1: 1.5815

S2: 1.5785

S3: 1.5689

Trading recommendation:

We are long EUR from 1.5869 with stop placed at 1.5650. If you are not long EUR yet, Then buy near 1.5815 and use the same stop at 1.5650.

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

Source:: Elliott wave analysis of EUR/NZD for June 2, 2017

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