FX.co ★ Elliott wave analysis of EUR/NZD for March 20, 2014

Today's Suppor and Resistance levels:

R3: 1.6376

R2: 1.6269

R1: 1.6230

Current spot: 1.6225

S1: 1.6184

S2: 1.6137

S3: 1.6109

Technical summary:

Wave iii of the ending diagonal ended at 1.6086 and wave iv is currently unfolding towards 1.6450 from where the final wave v lower is expected. The internal waves of an ending diagonal is normally pretty complex, but they are always in three waves meaning they are corrective in their structure. Once this ending diagonal comes to an end, expect a new impulsive rally, but for now a rally to resistance near 1.6450 is all we can expect.

Trading recommendation:

Stay neutral for now.