Elliott wave analysis of EUR/NZD for June 16, 2017
June 16, 2017 4:51 am
Wave summary:
Our preferred count remains that a low likely was seen with the test of 1.5370 and wave iii/ higher is ready to develop. That said, we need a break above the resistance line near 1.5532 to confirm that wave ii/ has completed and wave iii/ higher to above 1.6237 is developing.
Until the break above the resistance-line near 1.5532 is seen, we must allow for a retest of the 1.5370 low and even a spike below, but that should be short lived.
R3: 1.5564
R2: 1.5517
R1: 1.5480
Pivot: 1.5460
S1: 1.5453
S2: 1.5424
S3. 1.5370
Trading recommendation:
We are long EUR from 1.5540 with stop placed at 1.5340. If you are not long EUR yet, then buy a break above 1.5532 and use the same stop.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
Our preferred count remains that a low likely was seen with the test of 1.5370 and wave iii/ higher is ready to develop. That said, we need a break above the resistance line near 1.5532 to confirm that wave ii/ has completed and wave iii/ higher to above 1.6237 is developing.
Until the break above the resistance-line near 1.5532 is seen, we must allow for a retest of the 1.5370 low and even a spike below, but that should be short lived.
R3: 1.5564
R2: 1.5517
R1: 1.5480
Pivot: 1.5460
S1: 1.5453
S2: 1.5424
S3. 1.5370
Trading recommendation:
We are long EUR from 1.5540 with stop placed at 1.5340. If you are not long EUR yet, then buy a break above 1.5532 and use the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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