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10.06.2014 10:36 AM
Elliott wave analysis of EUR/NZD for June 10, 2014

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Today's Support and Resistance levels:

R3: 1.6062

R2: 1.6036

R1: 1.6002

Current spot: 1.5971

S1: 1.5946

S2: 1.5920

S3: 1.5878

Technical summary:

No real change here. The corrective cycle is still unfolding towards the ideal target at 1.5920. Only a break above minor resistance at 1.6002 will indicate that blue wave (ii) already is in place for a new test of 1.6203 and higher. As long as minor resistance at 1.6002 protects the upside, we will continue to look for a move slightly lower towards the ideal target at 1.5920 before blue wave (ii) is fianlly over.

Trading recommendation:

We will buy EUR at 1.5925 or upon a break above 1.6002 with stop placed at 1.5740.

Summary
Urgency
Analytic
Torben Melsted
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