25.08.201412:41 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 25, 2014

Long-term review

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Today's support and resistance levels:

R3: 1.5844

R2: 1.5825

R1: 1.5799

Current spot: 1.5771

S1: 1.5767

S2: 1.5735

S3: 1.5693

Technical summary:

We saw the expected decline in wave c of 2 to just below our target at 1.5716 (the low came in at 1.5693). Now, we are looking for a break above resistance at 1.5824 and more importantly a break above resistance at 1.5867 to confirm that wave 3 is developing for a rally towards at least 1.6188 and more likely even higher towards 1.6496 as we should expect extension in wave 3. Short-term support at 1.5767 will ideally protect the downside for the expected break above 1.5824, but only a break below 1.5692 will delay the expected rally in wave 3.

Trading recommendation:

Our patience was honored and we bought EUR at 1.5725 with a stop at 1.5690. If you are not long in EUR yet, then buy near 1.5767 with the same stop at 1.5690.

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