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

Today's Support and Resistance levels:

R3: 1.6808

R2: 1.6749

R1: 1.6708

Current Spot: 1.6665

S1: 1.6630

S2: 1.6597

S3: 1.6569

Technical summary:

Not much is happening here. We are still looking for one last rally higher towards 1.6869 to finish the leading diagonal. In the long term we are looking for much higher levels, but we need to be patient and wait for this holding pattern to give away.

In the short term we are looking for support at 1.6630 to protect the downside for a break above 1.6708 and more importantly a break above 1.6749 confirming a new test of 1.6808 on the way towards 1.6869.

Trading recommendation:

Stay long from 1.6715 and raise your stop to 1.6615. If you are not long in EUR yet, then buy after a break above 1.6708 with the same stop at 1.6615.