16.07.201411:16 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for July 16, 2014

Long-term review

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Today's support and resistance levels:

R3: 1.5706

R2: 1.5650

R1: 1.5617

Current spot: 1.5574

S1: 1.5541

S2: 1.5500

S3: 1.5466

Technical summary:

After a minor decline to 1.5432 (slightly below our expected support at 1.5439) we saw a new powerful rally above resistance at 1.5501 adding even more confidence to a bottom being in place at 1.5398. In the short run, we will be looking for support at 1.5541 for the next rally higher to at least 1.5617 and possibly even higher to 1.5668 before the first minor five wave rally from 1.5398 is over and a correction of the rally from 1.5398 is expected.

Trading recommendations:

We are long in EUR from 1.5425 and will move stop higher to 1.5430 and place take profit at 1.5655. If you are not long in EUR yet, buy near 1.5541 and use the same stop at take profit levels.

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