FX.co ★ Elliott wave analysis of EUR/NZD for June 22 - 2016

Wave summary:

We continue to look for a test of support at 1.5604 before a relief rally back to 1.5955 and maybe slightly higher, but from here the next decline towards 1.4702 will be expected, with the ideal target for wave C seen at 1.4471.

In the short term, a break below minor support at 1.5709 should trigger a decline to 1.5604.

Trading recommendation:

Stay short and move stop lower to 1.5960; upon a break below 1.5709 move the stop lower to 1.5815. Place take profit at 1.5625. Wait to sell EUR again near 1.5955.