Elliott wave analysis of EUR/NZD for June 29, 2017

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Wave summary:

The rally of the 1.5215 low is clearly impulsive and it should just be a matter of time before the next impulsive rally higher towards 1.5931 and 1.6252 is seen. Longer term, we are looking for a clear break above resistance at 1.6252 to confirm continuation higher towards 1.6759 and above.

R3: 1.5931

R2: 1.5801

R1: 1.5679

Pivot: 1.5600

S1: 1.5531

S2: 1.5448

S3: 1.5393

Trading recommendation:

We are long EUR from 1.5645 and will start by placing our stop at 1.5210 expecting to move it higher soon. If you are not long EUR yet, then buy near 1.5450 or upon a break above 1.5679 and use the same stop.

The material has been provided by InstaForex Company - www.instaforex.com