Elliott wave analysis of EUR/NZD for June 16 – 2016
June 16, 2016 7:10 am
Wave summary:
A break below the long-term support line confirmed a thrust out of the B-wave triangle calling for a decline closer to 1.4471 as the ideal medium target.
In the short term, we are looking for a decline to 1.5604 to end wave i of C and after a correction to 1.6100 in wave ii more downside pressure is expected in wave iii of C towards 1.4698.
Trading recommendation:
We are short in EUR from 1.6010 and will move our stop lower to 1.6025. If you are not short in EUR yet, then sell near 1.6010 and use the same stop at 1.6025.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
A break below the long-term support line confirmed a thrust out of the B-wave triangle calling for a decline closer to 1.4471 as the ideal medium target.
In the short term, we are looking for a decline to 1.5604 to end wave i of C and after a correction to 1.6100 in wave ii more downside pressure is expected in wave iii of C towards 1.4698.
Trading recommendation:
We are short in EUR from 1.6010 and will move our stop lower to 1.6025. If you are not short in EUR yet, then sell near 1.6010 and use the same stop at 1.6025.
The material has been provided by InstaForex Company – www.instaforex.com
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