FX.co ★ Elliott wave analysis of EUR/NZD for June 22, 2017

Wave summary:

The resistance line from 1.6232 is finally being broken indicating a corrective low likely is in place with the test of 1.5296. That said, we still need a break above minor resistance at 1.5564 to confirm that the corrective low in wave ii/ is in place and wave iii/ to above 1.6232 now is developing.

R3: 1.5564

R2: 1.5504

R1: 1.5440

Pivot: 1.5400

S1: 1.5343

S2: 1.5317

S3: 1.5296

Trading recommendation:

We bought EUR at 1.5446 and have placed our stop at 1.5246.