Elliott wave analysis of EUR/NZD for June 11, 2018

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EUR/NZD failed to break directly above resistance at 1.6821, as a more complex wave ii/ correction developed. This wave ii/ correction now looks complete, with the test of 1.6707. We will be looking for a break above minor resistance at 1.6766 and more importantly above resistance at 1.6812 for an extended rally in wave iii/ towards at least 1.7071.

Only an unexpected break below 1.6707 will delay the expected rally higher.

R3: 1.6830

R2: 1.6812

R1: 1.6766

Pivot: 1.6742

S1: 1.6730

S2: 1.6707

S3: 1.6683

Trading recommendation:

We are long EUR from 1.6600 with our stop placed at 1.6700. If you are not long EUR yet, then buy EUR near 1.6730 and use the same stop at 1.6700.

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