FX.co ★ Elliott wave analysis of EUR/NZD for June 26, 2018

EUR/NZD has rallied nicely and is now testing resistance at 1.7003. This resistance will likely cap the upside for a correction towards 1.6845 before moving higher again towards 1.7103.

Short-term a break below minor support at 1.6963 and more importantly a break below support at 1.6936 will indicate that a corrective decline towards 1.6845 is developing in red wave iv.

A slightly more bullish alternate count, suggest that a direct rally to 1.7070 will be seen, before a correction towards 1.6845 begins.

R3: 1.7103

R2: 1.7070

R1: 1.7003

Pivot: 1.6963

S1: 1.6936

S2: 1.6905

S3: 1.6845

Trading recommendation:

We are long EUR from 1.6815. We will take half profit here at 1.7000 and move our stop higher to 1.6960 for the rest of the position. We will re-buy EUR at 1.6850 if our stop at 1.6960 is hit.