Elliott wave analysis of EUR/NZD for June 25 - 2015 Market Analysis Review

Technical summary:

A correction from 1.6587 is still unfolding, but only a break below support at 1.6143 indicates that a more substantial correction is unfolding towards 1.5650. That means a break above minor resistance at 1.6280 and more importantly a break above resistance at 1.6345 for renewed upside pressure towards 1.6787.

In the long term, we are looking for even higher levels to beyond 1.7274 for a continuation towards 1.9094.

Trading recommendation:

We are long EUR from 1.6300 with stop placed at 1.6140. If you are not long EUR yet, buy EUR upon a break above 1.6280 with the same stop at 1.6140.

The material has been provided by InstaForex Company - www.instaforex.com

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