FX.co ★ Elliott wave analysis of EUR/NZD for September 18 - 2014

Today's support and resistance levels:

R3: 1.5949

R2: 1.5922

R1: 1.5896

Current spot: 1.5880

S1: 1.5865

S2: 1.5844

S3: 1.5818

Technical summary:

We are still looking for confirmation, that the underlying uptrend has been resumed for a rally towards 1.6203 and the way higher to 1.6450 as the next major upside targets. In the short term, we will ideally see support at 1.5818 to protect the downside for the break above 1.5949 confirming the resumption of the uptrend. However, a break below 1.5818 will call for a final decline in the correction from the 1.5949 high, to just below 1.5772 to end the correction.

Trading recommendation:

We are long in EUR from 1.5550 and will keep our stop at 1.5750. If you are not long in EUR yet, then buy close to 1.5818 with the same stop at 1.5750.