FX.co ★ Elliott Wave analysis of EUR/NZD for September 23, 2013

Today's Support and Resistance levels:

R3: 1.6348

R2: 1.6263

R1: 1.6211

Current Spot: 1.6168

S1: 1.6109

S2: 1.6070

S3: 1.6011

Technical summary:

We are still expecting resistance at 1.6263 to protect the upside for the next downside pressure towards the next target at 1.6011. In the short term a break below 1.6109 will confirm that the next decline has begun.

Only a break above 1.6263 and, more importantly, a break above 1.6348 will invalidate the bearish call and indicate that an important bottom is already in place, for a new major rally towards 1.7274 and higher in the long term.

Trading recommendation:

Wait for the market to confirm that wave C is over before buying EUR. Only buy a break above 1.6348, therefore place a buy order at 1.6350.