FX.co ★ Elliott Wave analysis of EUR/NZD for September 24, 2013

Today's Support and Resistance levels:

R3: 1.6348

R2: 1.6263

R1: 1.6235

Current Spot: 1.6217

S1: 1.6171

S2: 1.6122

S3: 1.6070

Technical summary:

The correction from 1.6070 has become slightly more complex than expected. In the short term we could see a move closer to 1.6235 before the final decline towards 1.6011 should be expected. However, a break above 1.6235 will be a warning that the bottom of wave C of the expanded flat correction could be in place, but to be sure we need a break above 1.6263 and, more importantly, a break above 1.6348, which will confirm the bottom for a new rally higher to 1.7475 and higher.

Trading recommendation:

Sell EUR at 1.6225 with a stop + revers the position to a long position at 1.6275. Place take profit at 1.6050.