FX.co ★ Elliott wave analysis of EUR/NZD for April 21, 2014

Today's Support and Resistance Levels:

R3: 1.6232

R2: 1.6180

R1: 1.6135

Current Spot: 1.6128

S1: 1.6097

S2: 1.6055

S3: 1.5989

Technical Summary:

We are still looking for wave d of the triangle consolidation lower towards the area between 1.5908 to 1.5936. Ideally resistance at 1.6135 will protect the upside for a break below support at 1.6097 confirming the decline towards 1.5936 and maybe even slightly lower before the final wave e towards 1.6122 to end the triangle consolidation that has dominated the picutre over the last couple of weeks.

Trading Recommendation:

Stay short EUR from 1.6049 with a stop and reverse at 1.6185. If you are not short EUR yet, then sell EUR at 1.6130 or upon a break below 1.6097 with the same stop and reverse at 1.6185.