21.05.201409:52 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for May 21, 2014

Long-term review

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Today's Support and Resistance levels:

R3: 1.6136

R2: 1.6083

R1: 1.6043

Current spot: 1.6002

S1: 1.5991

S2: 1.5966

S3: 1.5923

Technical summary:

The strong rally we saw yesterday is clearly what we would expect from wave three and is very encouraging of our view that a major long-term bottom is in place at 1.5730. Ideally support at 1.5991 will now protect the downside for the next rally higher towards strong resistance at 1.6179, and a break above here will confirm the bottom for a major long-term rally higher to above 1.7274. However, if minor support at 1.5991 should be broken, the next support to look for will be at 1.5966.

Trading recommendation:

Stay long in EUR from 1.5858 and move your stop higher to 1.5875. If you are not long in EUR yet, then buy near 1.5991 with the same stop at 1.5875.

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