Elliott wave analysis of EUR/NZD for June 9, 2017

Wave summary:

Wave ii/ has extended it's decline to 1.5468, which should be more than enough to complete wave ii/ and set the stage for a rally higher in wave iii/ towards 1.6655.

That said, we will need a break above minor resistance seen at 1.5720 to confirm that wave ii/ has completed and wave iii/ is developing.

R3: 1.5720
R2: 1.5667
R1: 1.5594
Pivot: 1.5525
S1: 1.5462
S2: 1.5391
S3: 1.5342

Trading recommendation:
WE are long EUR from 1.5540 and will place our stop at 1.5340.

Analysis are provided by InstaForex