FX.co ★ Elliott Wave analysis of EUR/NZD for July 2, 2013

Today's support and resistance levels:

R3: 1.6846

R2: 1.6797

R1: 1.6748

Current Spot: 1.6714

S1: 1.6655

S2: 1.6600

S3: 1.6555

Technical overview:

We are still looking for the ongoing X-wave to finish. As long as support at 1.6665 and more importantly support at 1.6600 protects the downside we should see one last push towards the upside for a rally towards 1.6908, before the next powerful decline towards our ideal target at 1.6388 begins. However, looking at the larger picture (see the chart below) we are looking for much higher levels over the coming months/years. As our minimum target for this ongoing correction, we are looking for a 38.2% correction of the decline from 2.5775 to 1.4966, which comes in at 1.9094.

Trading recommendation:

We are looking for a new EUR-selling opportunity at 1.6895 and will place our stop at 1.7010 if the order is filled.