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20.06.201607:48 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for June 20 - 2016

Long-term review

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Wave summary:

We are still locked in a small wave iv consolidation, which is expected to give way for a decline closer to 1.5604 to end the first impulsive wave in wave C lower to 1.4471.

The break below the triangle support-line near 1.6230 shifted the focus lower towards 1.4471 in wave C of a zig-zag correction in wave 2 that began from the 1.9023 high.

Trading recommendation:

Stay short for a decline closer to 1.5604. If you are not short yet, then sell here or near 1.6040 and place stop at 1.6105.

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