11.02.201411:38 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for February 11, 2014

Long-term review

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Today's Support and Resistance levels:

R3: 1.6550

R2: 1.6527

R1: 1.6485

Current spot 1.6455

S1: 1.6390

S2: 1.6344

S3: 1.6310

Technical summary:

There has been range trading between 1.6417 and 1.6527 since yesterday without much indication of the next direction. However, we still think that a break towards the upside is most likely and will be confirmed by a break above minor resistance at 1.6485 and more importantly a break above 1.6550 confirming a continuation higher towards 1.6787 and above. At this point only a break below support at 1.6390 will invalidate the bullish count and add a slight downside pressure, but the downside should be limited and at no point should support at 1.6214 be broken.

Trading recommendation:

Stay long from 1.6466 with your stop placed at 1.6346. If you are not long in EUR yet, then buy EUR upon a break above 1.6485 with the same stop at 1.6346.

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