FX.co ★ Elliott wave analysis of EUR/NZD for June 13, 2014

Today's Support and Resistance levels:

R3: 1.5858

R2: 1.5789

R1: 1.5704

Current spot: 1.5662

S1: 1.5629

S2: 1.5566

S1: 1.5507

Technical summary:

Blue wave iii ended at 1.5566 (just above our target at 1.5550) and we should now see blue wave iv towards 1.5704 and maybe even higher towards 1.5789 before the final blue wave v lower is expected. In the short term we are looking for support at 1.5629, which we expect will protect the downside for the rally towards 1.5704, but if support at 1.5629 is broken, a more complex correction should be expected and we will have to allow a move closer to 1.5566 before going higher.

Trading recommendation:

Stay aside and wait for a more attractive entry.