Elliott wave analysis of EUR/NZD for June 12 - 2018

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We are still looking for a clear break above minor resistance at 1.6821 as confirmation that wave ii/ indeed completed with the test of 1.6584 and wave iii/ higher is developing above the former peak at 1.7294.

As long as minor resistance at 1.6821 is able to cap the upside, we need to accept the possibility of another dip in wave ii/ closer to the 61.8% corrective target of wave i/, which is seen at 1.6683 before turning higher in wave iii/.

R3: 1.6889

R2: 1.6830

R1: 1.6762

Pivot: 1.6727

S1: 1.6707

S2: 1.6689

S3:1.6646

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 near 1.6730 or upon a break above 1.6748 and use the same stop at 1.6700.

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