FX.co ★ Elliott wave analysis of EUR/NZD for June 29 - 2016

Wave summary:

We continue to look for a little more correction closer to 1.5895 and maybe even closer to 1.6005 before the next impulsive decline takes over for a drop to 1.4490.

Only a direct break below minor support at 1.5484 will indicate that the correction in wave 2 has completed prematurely and wave 3 lower is already unfolding.

Trading recommendation:

We have placed a sell order at 1.5890 with stop at 1.6035.