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24.02.2014 10:43 AM
Elliott wave analysis of EUR/NZD for February 24, 2014

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Today's Support and Resistance levels:

R3: 1.6725

R2: 1.6673

R1: 1.6624

Current spot: 1.6588

S1: 1.6558

S2: 1.6496

S2: 1.6445

Technical summary:

The wave 2 correction we are looking for is still unfolding. In the short term we expect minor resistance at 1.6624 to protect the upside for one more impulsive decline in wave c lower towards the ideal target at 1.6445. Once this wave 2 correction is over, we expect a new powerful wave 3 higher towards at least 1.7141 and possibly even higher towards 1.7561.

Trading recommendation:

We are neutral, but we will buy EUR at 1.6455 with a stop at 1.6250.

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