FX.co ★ Elliott wave analysis of EUR/NZD for September 22 - 2014

Today's support and resistance levels:

R3: 1.5939

R2: 1.5900

R1: 1.5858

Current spot: 1.5826

S1: 1.5792

S2: 1.5972

S3: 1.5749

Technical summary:

The expected correction became slightly deeper and a little more complex, than first expected. However, it does not change the overall bullsih picture for a rally higher towards 1.62,03 and even higher to 1.6407. In the short term, we expect minor support at 1.5900 will be able to protect the downside for a break above 1.5939 for the next part of the rally higher to 1.6203 and higher towards 1.6407.

Trading recommendation:

Our stop at 1.5750 was hit for a nice profit. We will re-buy EUR here at 1.5826 with stop place at 1.5735.