FX.co ★ Elliott wave analysis of EUR/NZD for April 9, 2014

Today's Support and Resistance levels:

R3: 1.5920

R2: 1.5893

R1: 1.5865

Current spot: 1.5845

S1: 1.5835

S2: 1.5807

S3: 1.5777

Technical summary:

The expected correction ended early and the downside pressure continued as expected. In the short term we are looking for minor resistance at 1.5865 to protect the upside for the next downside pressure towards the 1.5777-1.5766 area as the next target area. Once this area is reached, we should see a new correction towards 1.5865 and maybe even higher towards 1.5893 before the final decline towards the ideal target at 1.5530.

Trading recommendation:

We missed our entry point yesterday, but we will sell EUR at 1.5860 with a stop at 1.5900 and take profit at 1.5785.