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05.06.2014 11:31 AM
Elliott wave analysis of EUR/NZD for June 5, 2014

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Today's support and resistance levels:

R3: 1.6285

R2: 1.6235

R1: 1.6200

Current Spot: 1.6126

S1: 1.6120

S2: 1.6092

S3: 1.6075

Technical summary:

Resistance at 1.6200 held the first attempt, but should not be able to protect the upside when the next attempt to break above this resistance takes place. Once this resistance is broken, we should see an acceleration higher towards 1.6285 as the next upside target. However, in the longer term we are looking for much higher levels towards 1.6996 and 1.7274.

Only a break below support at 1.6075 will delay the upside pressure.

Trading recommendation:

Stay long EUR from 1.5858 with your stop placed at 1.6075. If you are not long EUR yet, Then buy EUR upon a break above 1.6138 with the same stop at 1.6075.

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