21.07.201410:27 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for July 21, 2014

Long-term review

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Today's support and resistance levels:

R3: 1.5628

R2: 1.5598

R1: 1.5557

Current spot: 1.5534

S1: 1.5513

S2: 1.5485

S3: 1.5465

Technical summary:

We have seen the expected correction in wave ii. This correction has tested the minimum target at 1.5513 (the low till now has been at 1.5510). As long as minor support at 1.5598 protects the upside, we could still see a slightly deeper correction towards 1.5485, but with the minimum target reached. Nothing more is requiered and the next impulsive rally to at least 1.5885 could take off any time now.

Trading recommendations:

We bought EUR at 1.5525 and will place our stop at 1.5395. If you are not long in EUR yet, then buy near 1.5485 or upon a break above 1.5598 with the same stop at 1.5395.

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