FX.co ★ Elliott wave analysis of EUR/NZD for June 23, 2014

Today's Support and Resistance levels:

R3:1.5641

R2: 1.5597

R1: 1.5580

Current spot: 1.5550

S1: 1.5500

S2: 1.5470

S3: 1.5447

Technical summary:

Blue wave iv seems to have ended early and the finla blue wave v lower towards the ideal target near 1.5447 could already be developing. In the short term we would likely to see minor resistance at 1.5580 protecting the upside for a clear break below 1.5550 for a continuation lower to 1.5500 and the ideal target at 1.5447. Please be aware, that we have entered the final decline and once a bottom is in place we should see a impulsive move higher.

Trading receommendation:

We missed our sell point at 1.5660 and will instead look for a buying opportunity near 1.5447.