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

Today's Support and Resistance levels:

R3: 1.6007

R2: 1.5983

R1: 1.5940

Current spot: 1.5903

S1: 1.5846

S2: 1.5766

S3: 1.5703

Technical summary:

The correction became a litlle larger than expected as it reached 1.6007, which has changed the short term count slightly, but after a new correction towards 1.6007, we should see renewed downside pressure towards at least 1.5766 and most likely even lower towards the ideal target at 1.5530 before a reversal of the long-term downtrend should be expected.

Trading recommendation:

The stop at 1.5985 was hit for a nice profit. Sell EUR again at 1.5995 with a stop at 1.6095.