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14.04.2014 10:15 AM
Elliott wave analysis of EUR/NZD for April 14, 2014

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Today's Support and Resistance levels:

R3: 1.6064

R2: 1.6032

R1: 1.6010

Current spot: 1.5980

S1: 1.5971

S2: 1.5945

S3: 1.5914

Technical summary:

The triangle consolidation is still unfolding. At this point, it is a bit unclear whether red wave c already has ended or more upside towards 1.6140 is needed. No matter which count proves correct, more sideways consolidation inside the triangle will be seen, before the final decline should be expected. This correction since September 2013 has been a nightmare and we are just looking forward to it being over soon.

Trading recommendation:

Stay neutral for now. Sell EUR at 1.6130 with a stop and reverse at 1.6185.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2025
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Torben Melsted
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