Elliott wave analysis of EUR/NZD for June 19, 2017

Wave summary:
The corrective decline in wave ii/ will not loosen its grip and it has now spiked below support at 1.5423, this opens for more downside pressure towards 1.5261 as long as the resistance line near 1.5500 and more importantly as long minor resistance at 1.5564 is able to cap the upside. However, a break above this resistance will indicate that wave ii/ has completed and wave iii/ towards 1.6655 is developing.

R3: 1.5544
R2: 1.5485
R1: 1.5415
Pivot: 1.5400
S1: 1.5347
S2: 1.5300
S3: 1.5261

Trading recommendation:
Our stop was hit for a loss. We will only buy a break above 1.5564.

Analysis are provided by InstaForex