17.04.201408:27 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for April 17, 2017

Long-term review

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Today's Support and Resistance levels:

R3: 1.6135

R2: 1.6122

R1: 1.6077

Current spot: 1.6049

S1: 1.6026

S2: 1.5988

S3: 1.5927

Technical summary:

Red wave c of the triangle ended at 1.6122 and red wave d is now unfolding. The ideal target area for red wave d is between 1.5908 and 1.5936, from where the final red wave e should be seen. In the short term we will be looking for resistance at 1.6069 protecting the upside for a break below 1.6026 and more importantly below support at 1.5988, which will confirm that red wave c has ended at 1.6122 and that red wave d is developing.

Trading recommendation:

We missed our sale of EUR at 1.6130 by a fraction. We will sell EUR here at 1.6049 with a stop and reverse placed at 1.6185.

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