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24.04.201409:58 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for April 24, 2014

Long-term review

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Today's Support and Resistance levels:

R3: 1.6153

R2: 1.6100

R1: 1.6076

Current spot: 1.6038

S1: 1.6000

S2: 1.5965

S3: 1.5927

Technical summary:

The triangle consolidation is now in its d-leg, the ideal target for this wave is near 1.5965, but it could move lower towards 1.5933 before the final e wave takes over for a minor rally towards 1.6044. Once this triangle consolidation finally comes to an end, we will be looking for a thrust out of the triangle to the downside for a decline towards 1.5533 to end the major decline from August 2013.

Trading receommendation:

Stay short from 1.6049 with a stop and revers at 1.6185.

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