14.07.201410:31 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for July 14, 2014

Long-term review

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Today's support and resistance levels:

R3: 1.5501

S2: 1.5489

S1: 1.5455

Current spot: 1.5444

S1: 1.5411

S2: 1.5384

S3: 1.5345

Technical summary:

We are still looking for evidence that a bottom has been reached. In early trading today, we saw a slightly different low at 1.5398. We still need a break above 1.5501 to give us the first good indication of a firm bottom being in place. A break above 1.5501 will call for a continuation higher to important resistance at 1.5706. It confirms above here that a long-term bottom is in place. However, as long as minor resistance at 1.5501 is able to protect the upside, we will have to respect the possibility of a move even slightly lower than 1.5398, but we still think the potential downside is limited.

Trading Recommendation:

We are long in EUR from 1.5425 with stop placed at 1.5385. If you are not long in EUR yet, then buy a break above 1.5455 with stop placed at 1.5385.

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