FX.co ★ Elliott Wave analysis of EUR/NZD for December 18, 2013

Today's support and resistance levels:

R3: 1.6869

R2: 1.6779

R1: 1.6718

Current Spot: 1.6691

S1: 1.6666

S2: 1.6603

S2: 1.6556

Technical summary:

Nothing new here. We are still looking for the last rally higher towards 1.6869 to finish the leading diagonal. After correction lower from 1.6869 towards 1.6556, a new impulsive rally higher towards 1.7239 is expected.

Short term expect support at 1.6666 will protect the downside for a break above 1.6718 confirming the rally towards 1.6869 is under way.

Trading recommendation:

Stay long EUR from 1.6520 and move your stop higher to 1.6600. If you are not long EUR yet, then buy near 1.6666 or upon a break above 1.6718 with the same stop at 1.6600 and take profit at 1.6850 in both cases.