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16.06.201507:22 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for June 16 - 2015

Long-term review

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Technical summary:

We are looking for acceleration higher in red wave iii towards 1.6446 as the first minor upside target, while a continuation higher to 1.6787 is expected to follow. In the short term, minor support at 1.6084 will ideally protect the downside for a break above resistance at 1.6159, which confirms the expected acceleration higher to 1.6446.

A break below minor support at 1.6084 will delay the expected upside pressure, but downside potential should be limited to 1.6054.

Trading recommendation:

We are long EUR from 1.5810 with stop placed at 1.5935. If you are not long EUR yet, then buy near 1.6084 or upon a break above resistance at 1.6159 with the same stop at 1.5935.

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