FX.co ★ Elliott wave analysis of EUR/NZD for April 15, 2014

Today's Support and Resistance levels:

R3: 1.6064

R2: 1.6032

R1: 1.6010

Current spot: 1.5945

S1: 1.5945

S2: 1.5914

S3: 1.5865

Technical summary:

The triangle consolidation is still unfolding. It is still not clear whether wave c is in place with the test of 1.6105 or we need one more rally towards 1.6134 before it is finally in place. No matter which count proves correct we still have some time to spend within the triangle before the final decline lower towards 1.5543.

Trading recommendation:

Sell EUR at 1.6130 with a stop and reverse at 1.6185.