FX.co ★ Elliott wave analysis of EUR/NZD for June 27, 2018

EUR/NZD took the more bullish alternate count and rallied directly higher. The first target at 1.7070 has already been exceeded opening for a continuation higher towards 1.7130 and even closer to 1.7240 if red wave v extends.

Support is now seen at 1.7016 and only a break below here, will confirm that wave i/ has completed and wave ii/ towards 1.6833 is developing.

R3: 1.7240

R2: 1.7185

R1: 1.7130

Pivot: 1.7073

S1: 1.7041

S2: 1.7016

S3: 1.6960

Trading recommendation:

After taking 50% profit at 1.7000 yesterday, we are still 50% long EUR from 1.6815. We will raise our stop to 1.7010.