FX.co ★ Elliott wave analysis of EUR/NZD for November 20 - 2014

Today's support and resistance levels:

R3: 1.6041

R2: 1.5985

R1: 1.5966

Current spot: 1.5953

S1: 1.5934

S2: 1.5903

S3: 1.5860

Technical summary:

We have seen a top for blue wave i slightly above our expected target at 1.6003 (the high has been seen at 1.6041). We will now be looking for a correction in blue wave ii towards at least 1.5903, where blue wave ii will have corrected 38.2% of blue wave i, but we will have to remember, that corrections in the second wave can be very deep and are allowed to correct 100% of the first wave, so we will await a more clear picture of the path this correction will take before deciding where to buy EUR again. 

Trading recommendation:

Our take profit at 1.6000 has been hit for a nice profit. We will await a better EUR-buying opportunity closer to 1.5903.