Elliott wave analysis of EUR/NZD for June 9, 2017

analytics593a1bb4bff23.png

Wave summary:

Wave ii/ has extended it’s decline to 1.5468, which should be more than enough to complete wave ii/ and set the stage for a rally higher in wave iii/ towards 1.6655.

That said, we will need a break above minor resistance seen at 1.5720 to confirm that wave ii/ has completed and wave iii/ is developing.

R3: 1.5720

R2: 1.5667

R1: 1.5594

Pivot: 1.5525

S1: 1.5462

S2: 1.5391

S3: 1.5342

Trading recommendation:

WE are long EUR from 1.5540 and will place our stop at 1.5340.

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

Source:: Elliott wave analysis of EUR/NZD for June 9, 2017

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply

*