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11.06.201505:53 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for June 11 - 2015

Long-term review

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Technical summary:

The correction in wave ii proved to be a small expanded flat by reaching a new low at 1.5646 before taking off again with new impulsive power breaking clearly above resistance of 1.5920 this time. We are looking for support near 1.5920 for a continuation higher to 1.6310 as the next upside target on the way towards 1.6446, which will be the next major upside target.

In the long-term chart, the resistance line at 1.7175 has been broken now confirming that much more upside will be seen.

Trading recommendation:

We bought EUR at 1.5810 and will place our stop at the break-even level. If you are not long EUR yet, then buy near 1.5920 and use the same stop at 1.5810.

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