FX.co ★ Elliott wave analysis of EUR/NZD for April 22, 2014

Today's Support and Resistance Levels:

R3: 1.6180

R2: 1.6135

R1: 1.6097

Current Spot: 1.6058

S1: 1.6045

S2: 1.5989

S3: 1.5956

Technical Summary:

The triangle consolidation that have been dominating the picture over the last couple of weeks is still unfolding. We are currently in wave d and expects wave d to decline towards 1.5936 and maybe even slightly lower towards 1.5908 before the final wave e takes over. Ultimately we are looking for a thrust out of the triangle to the downside for a move closer to 1.5536.

Trading Recommendation:

Stay short EUR from 1.6049 with a stop and revers at 1.6185. If you are not short EUR yet, then sell EUR at 1.6080 or upon a break below 1.6050 with the same stop and revers at 1.6185.