Elliott wave analysis of EUR/NZD for June 13, 2018

analytics5b208f5d03700.png

The sideways consolidation between support at 1.6707 and resistance at 1.6799 continues. Ultimately we expected resistance at 1.6799 will be broken for a continuation higher towards the first extension target at 1.7070, where wave ii/ will be 161.8% the length of wave i/.

As long as resistance at 1.6799 is able to cap the upside, we must accept more sideways consolidation, but it should just be a matter of time before a break above 1.6799 is seen.

R3: 1.6889

R2: 1.6830

R1: 1.6799

Pivot: 1.6733

S1: 1.6707

S2: 1.6689

S3: 1.6646

Trading recommendation:

We are long EUR from 1.6600, with our stop placed at 1.6700. If you are not long EUR, the buy buy near 1.6707 or upon a break above 1.6799 and use the same stop at 1.6700.

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