FX.co ★ Elliott wave analysis of EUR/NZD for August 5, 2014

Today's support and resistance levels:

R3: 1.5848

R2: 1.5825

R1: 1.5790

Current spot: 1.5738

S1: 1.5729

S2: 1.5705

S3: 1.5700

Technical summary:

The correction from 1.5829 is still unfolding and we are looking for a decline closer to 1.5705, before the next impulsive rally higher through 1.5829 is expected for a continuation higher to 1.5900 and possibly even to 1.6042.

In the longer term, we are looking for much higher levels.

Trading recommendation:

We will buy EUR at 1.5710 with stop placed at 1.5600.