Technical summary:
The correction in wave ii proved to be a small expanded flat by reaching a new low at 1.5646 before taking off again with new impulsive power breaking clearly above resistance of 1.5920 this time. We are looking for support near 1.5920 for a continuation higher to 1.6310 as the next upside target on the way towards 1.6446, which will be the next major upside target.
In the long-term chart, the resistance line at 1.7175 has been broken now confirming that much more upside will be seen.
Trading recommendation:
We bought EUR at 1.5810 and will place our stop at the break-even level. If you are not long EUR yet, then buy near 1.5920 and use the same stop at 1.5810.
For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for June 11 - 2015 . Thanks for your support.
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