InstaForex - Analytics

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    Elliott wave analysis of EUR/NZD for June 14 - 2016

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    Wave summary

    We continue to look for more downside pressure towards 1.5604 as the first minor stop was moved lower. After correction back to the resistance at 1.6085, a new decline closer to 1.4980 should be expected.

    The corrective decline from 1.9023 is still unfolding and a break below important support at 1.6104 confirmed that wave C towards 1.4471 is developing.

    Trading recommendation:

    We are short on the EUR from 1.6010 and will move our stop lower to 1.6090.


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