FX.co ★ Elliott wave analysis of EUR/NZD for March 21, 2014

Today's Support and Resistance levels:

R3: 1.6208

R2: 1.6160

R1: 1.6120

Current spot: 1.6107

S1: 1.6086

S2: 1.6053

S3: 1.6000

Technical summary:

The b wave of wave iv should terminate soon and we should look for an impulsive rally higher towards 1.6450. This rally will end wave iv of the ending diagonal, which is currently unfolding. Once wave iv is in place near 1.6450, we should see one final decline closer to the 1.6000-1.6020. In the short term a break above minor resistance at 1.6120 and more importantly a break above 1.6160 will confirm that the impulsive rally towards 1.6450 is developing.

Trading recommendation:

Buy EUR here at 1.6107 with a stop at 1.6050 and place take profit at 1.6425.