FX.co ★ Elliott wave analysis of EUR/NZD for February 10, 2014

Today's Support and Resistance levels:

R3: 1.6681

R2: 1.6604

R1: 1.6549

Current spot: 1.6490

S1: 1.6470

S2: 1.6435

S3: 1.6390

Technical summary:

Minor wave ii has turned into an expanded flat correction, therefore we should expect the coming wave iii to extend towards at least the 161.8% target at 1.6730 and maybe even higher. In the short term we will be looking for a break above minor resistance at 1.6549 to confirm acceleration higher in wave iii towards 1.6730 on the way towards this target we will see minor resistance at 1.6604 and at 1.6681. Short term we expect minor support at 1.6470 to protect the downside for the break above 1.6549.

Trading recommendation:

Stay long in EUR from 1.6466 and keep your stop at 1.6345. If you are not long in EUR yet, Then but EUR upon a break above 1.6549 with the same stop at 1.6345.