FX.co ★ Elliott wave analysis of EUR/NZD for June 9 - 2016

Wave summary:

The failure to hold important support at 1.6062 has tilted the picture upside down. Instead of a possible new rally building, consolidation from the 1.5748 low has developed into a triangle consolidation. Besides, a break below support at 1.6062 has completed formation calling for more downside pressure towards 1.5000 over the coming weeks.

In the short term, the triangle support line near 1.6160 will act as resistance.

Trading recommendation:

Our stop at 1.6125 was hit, and we will be looking for the opportunity to open short positions on the EUR near 1.6150