FX.co ★ Elliott wave analysis of EUR/NZD for August 28, 2014

Today's support and resistance levels:

R3: 1.5830

R2: 1.5782

R1: 1.5755

Current spot: 1.5744

S1: 1.5714

S2: 1.5692

S3: 1.5663

Technical summary:

We are at the exact same level as yesterday. We are still looking for important support at 1.5692 to protect the downside for a break above minor resistance at 1.5755 and more importantly a break above resistance at 1.5782. This should support a strong rally above the top of wave 1 at 1.5886 for a continuation higher to 1.6203 on the way higher towards at least 1.6503. Only an unexpected break below 1.5692 will delay the expected rally for a more complex correction unfolding.

Trading recommendation:

We are long in EUR from 1.5725 with stop placed at 1.5690. If you are not long in EUR yet, then buy EUR near 1.5692 or upon a break above 1.5755 with the same top at 1.5690.