Elliott wave analysis of EUR/NZD for June 29 – 2015

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Technical summary:

The EUR hit major highs after Monday’s opening bell, as the Greek Prime Minister called a referendum on whether to accept the latest terms set by creditors. The important short-term support at 1.5792 is still intact, so we will stay cautiously bullish for now.

To confirm the bullish outlook, a breakout back above resistance at 1.6370 is needed. It will call for more upside towards 1.7154. However, a breakout below support at 1.5792 will delay an expected rally and will force a review of the entire rally from a low of 1.3880.

Trading recommendation:

Our stop at 1.6140 was taken out immediately as we opened at 1.6136. We will sideline until the volatility becomes normal again.

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

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