FX.co ★ Elliott wave analysis of EUR/NZD for June 20, 2014

Today's Support and Resistance levels:

R3: 1.5677

R2: 1.5653

R1: 1.5631

Current spot: 1.5615

S1: 1.5598

S2: 1.5582

S3: 1.5557

Technical summary:

Not much new to add here. The expanded flat correction is still unfolding here and we are still looking for a move closer to 1.5697 before the final decline to 1.5447 is expected. In the short term we will ideally see minor support at 1.5598 protecting the downside for a break above minor resistance at 1.5631 that confirms the move higher towards 1.5697.

Trading recommendation:

We will sell EUR at 1.5690 with our stop placed at 1.5720.