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

Today's support and resistance levels:

R3: 1.5657

R2: 1.5628

R1: 1.5598

Current spot: 1.5581

S1: 1.5553

S2: 1.5540

S3: 1.5510

Technical summary:

We are currently looking for a break above minor resistance at 1.5598 as confirmation that the next impulsive rally higher to 1.5885 is developing. However, as long as this minor resistance at 1.5598 is able to protect the upside, we will have to allow for a new test of 1.5510 and maybe even slightly lower to 1.5484, but this is not our preferred outcome at this point.

Trading recommendations:

We are long in EUR from 1.5525 with stop placed at 1.5395. If you are not long in EUR yet, then buy EUR near 1.5485 or upon a break above 1.5598 with the same stop at 1.5395.