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10.06.201609:25 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for June 10, 2016

Long-term review

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Wave summary:

The break below important support at 1.6233 and more importantly below support at 1.6062 indicated that the correction from 1.9023 is over and more downside pressure towards 1.5003 is expected, before the next impulsive rally can begin.

Short term, we are looking for resistance near 1.6042 with back-up resistance at 1.6115 to protect the upside for the next part of the decline closer to 1.5693 as the next downside target.

Trading recommendation:

We missed the selling opportunity at 1.6150 and will try to sell at 1.6062 with stop place at 1.6286 expected to move the stop lower soon.

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