FX.co ★ Elliott wave analysis of EUR/NZD for November 12 - 2014

Today's support and resistance levels:

R3: 1.5897

R2: 1.5874

R1: 1.5857

Current spot: 1.5828

S1: 1.5810

S2: 1.5769

S3: 1.5717

Technical summary:

The very complex consolidation from early October finally found its resolution with the break below support at 1.5903. The break below support at 1.5903 means that the preferred count has shifted to the rare expanded diagonal count. This count call for a continuation lower in wave 4 to 1.5717 before the final strong rally in wave 5 to above 1.6446 ideally closer to 1.6800.

Trading Recommendation:

Our stop at 1.5875 was hit for a small loss. We will wait for a new EUR-buying opportunity near 1.5717.