FX.co ★ Elliott wave analysis of EUR/NZD for June 19, 2014

Today's Support and Resistance levels:

R3: 1.5748

R2: 1.5697

R1: 1.5657

Current spot: 1.5630

S1: 1.5610

S2: 1.5570

S3: 1.5547

Technical summary:

The blue wave iv correction is becoming even more complex than we first expected and it seems that an expanded flat correction might be unfolding. If this is the case, then we should look for the top of wave c near 1.5697 for the last decline towards 1.5447. In the short term we should see support at 1.5598 protecting the downside for a break above minor resistance at 1.5657 confirming the rally to 1.5697 before moving lower again.

Trading recommendation:

We will close our short EUR position from 1.5660 here with a small profit. We will sell EUR again at 1.5690 with a stop at 1.5720.