FX.co ★ Elliott wave analysis of EUR/NZD for June 17, 2014

Today's Support and Resistance levels:

R3: 1.5753

R2: 1.5704

R1: 1.5679

Current spot: 1.5660

S1: 1.5639

S2: 1.5614

S3: 1.5565

Technical summary:

Blue wave iv did become more complex as we expected. However, with the return to 1.5683 blue wave iv could be over any time now, which a break below 1.5634 will confirm calling for a continuation lower in blue wave v towards 1.5447 with the possiblility of a move even lower to 1.5296 if blue wave v extends.

As long as minor support at 1.5634 protects the downside, we could still see a move slightly above 1.5683, but do not expect too much.

Trading recommendation:

We will sell here at 1.5660 with a stop at 1.5700 and place take profit at 1.5465.