FX.co ★ Elliott wave analysis of EUR/NZD for July 1, 2014

Today's Support and Resistance levels:

R3: 1.5732

R2: 1.5700

R1: 1.5646

Current spot: 1.5630

S1: 1.5589

S2: 1.5540

S3: 1.5478

Technical summary:

We are still looking for hard evidence that a firm bottom is in place at 1.5478. The first strong evidence will be a short-term break above 1.5646 and more importantly a break above resistance at 1.5700, which will confirm that a firm bottom is found at 1.5478 and a major rally is about to be seen.

Trading recommendation:

We missed our buying target at 1.5585 by a few pips, but will hang on to this buying order, hoping that the next decline will make it to our target.