FX.co ★ Elliott wave analysis of EUR/NZD for June 13, 2017

Wave summary:

We continue to look for confirmation that the corrective decline from 1.6237 has completed. The first strong indication will be a break above the resistance line seen at 1.5636, while a break above resistance at 1.5720 will add confidence in wave iii/ developing towards 1.6655.

R3: 1.5931

R2: 1.5720

R1: 1.5636

Pivot: 1.5600

S1: 1.5491

S2: 1.5439

S3: 1.5369

Trading recommendation:

We are long EUR from 1.5540 with stop placed at 1.5340. If you are not long EUR yet, then buy a break above 1.5636 and use the same stop.