FX.co ★ Elliott Wave Analysis of EUR/NZD for January 27, 2014

Today's Support and Resistance levels:

R3: 1.6752

R2: 1.6690

R1: 1.6629

Current spot: 1.6600

S1: 1.6564

S2: 1.6516

S1: 1.6492

Technical summary:

We have seen the expected correction into the correction area of 1.6462 - 1.6493 with a low at 1.6492. It looks as the ongoing red wave iv correction is a flat correction; therefore, we should see one more decline towards 1.6492 maybe slightly below before the next rally higher to 1.6792 in red wave v and black wave v.

In the short term we should see minor resistance at 1.6629 protecting the upside for a break below 1.6564 towards 1.6492.

Trading recommendation:

We will buy EUR at 1.6495 with a stop at 1.6340.