25.02.201415:53 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for February 25, 2014

Long-term review

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Today's Support and Resistance levels:
R3: 1.6624 R2: 1.6558 R1: 1.6509 Current Spot: 1.6488 S1: 1.6467 S2: 1.6445 S3: 1.6410

Technical summary: As expected, the c-wave decline towards the ideal target at 1.6445 has been seen. With a low at 1.6460 the bottom could be in place, but to confirm that a break above minor resistance at 1.6509 is needed. However, as long as minor resistance at 1.6509 protects the upside, there is a possibility that we could see one last decline close to the ideal target at 1.6445 before wave 2 terminates and new impulsive rally higher towards at least 1.7141.

Trading recommendation: We will buy EUR at 1.6450 or upon a break above 1.6509 with a stop at 1.6250.

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