FX.co ★ Elliott wave analysis of EUR/NZD for September 23 - 2014

Today's support and resistance levels:

R3: 1.5900

R2: 1.5872

R1: 1.5859

Current spot: 1.5825

S1: 1.5814

S2: 1.5794

S3: 1.5774

Technical summary:

We have seen the first impulsive rally from 1.5717 to 1.5857. The pair is currently consolidating and building strength to the next impulsive rally higher towards 1.6203 on the way higher to 1.6407. In the short term, we should ideally see minor support at 1.5814 to protect the downside for a break above 1.5859 confirming that the next impulsive rally is building. Only a break below 1.5813 will delay the expected rally for more consoldiation and a move closer to 1.5788 before higher again.

Trading recommendation:

We are long in EUR from 1.5826 with stop placed at 1.5735. If you are not long in EUR yet, then buy here or upon a break above 1.5859 with the same stop.