Elliott wave analysis of EUR/NZD for June 13, 2016
June 13, 2016 8:20 am
Wave summary:
The clear break below important support at 1.6062 calls for more downside correction. The consolidation seen since early December 2015 has been a triangle, and a break below 1.6062 confirms that a downside thrust had been seen for a decline towards 1.5449 and possibly even lower to 1.5087 before the long term correction decline from 1.9023 was over.
Short term resistance is seen at 1.6015 which is expected to protect the upside for a decline to at least 1.5761 and possibly even lower to 1.5605 to end wave i of C.
Trading recommendation;
Sell EUR at 1.6010 with stop placed at 1.6110.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
The clear break below important support at 1.6062 calls for more downside correction. The consolidation seen since early December 2015 has been a triangle, and a break below 1.6062 confirms that a downside thrust had been seen for a decline towards 1.5449 and possibly even lower to 1.5087 before the long term correction decline from 1.9023 was over.
Short term resistance is seen at 1.6015 which is expected to protect the upside for a decline to at least 1.5761 and possibly even lower to 1.5605 to end wave i of C.
Trading recommendation;
Sell EUR at 1.6010 with stop placed at 1.6110.
The material has been provided by InstaForex Company – www.instaforex.com
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