FX.co ★ Elliott wave analysis of EUR/NZD for June 8, 2018

EUR/NZD has rallied nicely and broke through the resistance at 1.6964, confirming that an important low has been seen at 1.6598.

In the short term, we expect the former resistance at 1.6764 now will act as support as EUR/NZD continues higher towards 1.6846 and 1.6937 as the next minor upside targets. In the longer term, we will be looking for the ongoing wave three to push through the former peak at 1.7294 for a continuation higher to at least 1.8437.

R3: 1.6937

R2: 1.6873

R1: 1.6847

Pivot: 1.6764

S1: 1.6725

S2: 1.6687

S3: 1.6657

Trading recommendation:

We are long on EUR from 1.6600 and we will raise our stop to 1.6700. If you are not long EUR yet, then buy near 1.6764 and use the same stop at 1.6700.