08.08.201409:04 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 8, 2014

Long-term review

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Today's support and resistance levels:

R3: 1.5868

R2: 1.5846

R3: 1.5838

Current spot: 1.5817

S1: 1.5802

S2: 1.5787

S3: 1.5768

Technical summary:

Once again, the correction from 1.5867 became slightly deeper than expected, but this is not uncommon in the beginning of a new impulsive trend. Nothing has changed in the bigger picture and it should just be a question of time before the next impulsive rally takes out resistance at 1.5867 for a rally to at least 1.5900 and likely even higher to 1.6200.

Short-term support will be found at 1.5802, which ideally will protect the downside for the break above 1.5867 confirming that the next impulsive rally is developing.

Trading recommendation:

We are long in EUR from 1.5710. We will move our stop higher to 1.5725. If you are not long in EUR yet, then buy near 1.5802 with the same stop at 1.5725.

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