FX.co ★ Elliott wave analysis of EUR/NZD for September 16 - 2014

Today's support and resistance levels:

R3: 1.5930

R2: 1.5906

R1: 1.5895

Current spot: 1.5887

S1: 1.5831

S2: 1.5810

S3: 1.5795

Technical summary:

The correction we where looking for is unfolding nicely and we are still looking for this correction to move closer to 1.5766 before terminating and setting the stage for a new strong rally in wave iii higher towards 1.6203 on the way higher to 1.6450. In the short term, we will be looking for a break below minor support at 1.5831 confirming the decline to 1.5766.

Trading recommendation:

We are long in EUR from 1.5550 with stop placed at 1.5750. If you are not long in EUR yet, then buy near 1.5766 with the same stop at 1.5750.