FX.co ★ Elliott wave analysis of EUR/NZD for July 31, 2014

Today's suppoert and resistance levels:

R3: 1.5900

R2: 1.5868

R1: 1.5812

Current spot: 1.5773

S1: 1.5745

S2: 1.5730

S3: 1.5722

Technical summary:

Not much news to add here. We have seen a very narrow trading range since yesterday, where we were trading between 1.5722 - 1.5804. We are still looking for a break above the extension target at 1.5811 for a continuation higher to 1.5900 and likely even higher to 1.6041. At this point, only a break below minor support at 1.5722 will delay the expected upside rally.

Trading recommendation:

We are long in EUR from 1.5525 and will move our stop higher to 1.5715. If you are not long in EUR yet, then buy EUR near 1.5745 with the same stop at 1.5715.