Elliott wave analysis of EUR/NZD for June 6, 2017

Wave summary:

We continue to expect support at 1.5660 will be able to protect the downside for a break above minor resistance at 1.5837 and more importantly a break above resistance at 1.6006 for a rally towards 1.6655.

If, however, support at 1.5660 gives away the will extend wave ii lower to 1.5485 in an expanded flat correction, before renewed upside pressure should be expected.

R3: 1.6006

R2: 1.5837

R1: 1.5805

Pivot: 1.5750

S1: 1.5660

S2: 1.5588

S3: 1.5485

Trading recommendation:

We are long EUR from 1.5869 with stop placed at 1.5650. If you are not long EUR yet, then buy a break above 1.5837 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 6, 2017