FX.co ★ Elliott wave analysis of EUR/NZD for June 23, 2015

Technical summary:

A new high was seen in line with expectations. The pair did not reach an ideal target at 1.6787 (the high came in at 1.6586), but more upside pressure is expected after a minor correction to 1.6316.

If, however, support at 1.6316 gets broken, a stronger downside pressure is expected which will take us lower to 1.6169 prior to a new rally.

Trading recommendation:

We are long EUR from 1.5810 with stop now at 1.6300. Consider buying EUR near 1.6316 with a close stop at 1.6300.