Elliott wave analysis of EUR/NZD for June 1 – 2015

2015-06-01-EURNZD-4H.png

Technical summary:

The former top at 1.5405 has been broken and after a minor correction in red wave iv more upside is expected to extend towards at least 1.5512 and possibly even higher to 1.5644 if red wave v.

In the long term, I’m looking for much more upside movement towards at least 1.6310 and more likely wave (iii) will extend as wave (ii) was an expanded flat and therefore, we should be looking for a continuation higher to 1.7154 and maybe even higher.

Trading recommendation:

We are long EUR from 1.5080 and are going to move our stop 1.5240. If you are not long EUR yet, buy near 1.5330 with the same stop at 1.5240.

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

Tags: