FX.co ★ Elliott wave analysis of EUR/NZD for June 1, 2018

Our long-term chart shows that a long-term bottom was found with the test of 1.3860 in April 2015 and more upside towards 1.9844 is expected. The 1.9844 target marks both the 50% corrective target of the decline from 2.5804 to 1.3860, but also the Diamond bottom target.

Short-term, it was a bit disappointing to see a break below minor support at 1.6669, which complicated, the short-term count somewhat, but it does in no way alter our long-term view of much more upside to come in the weeks/months ahead.

Short-term, we expect support in the 1,6501 - 1.6605 area, will be able to protect the downside for a new rally above 1.6764 indicating renewed strength for a rally towards 1.7062 and above.

R3: 1.6902

R2: 1.6828

R1: 1.6764

Pivot: 1.6720

S1: 1.6694

S2: 1.6652

S3: 1.6606

Trading recommendation:

We will buy a break above 1.6764 if done our stop will be placed at 1.6600.