24.09.201412:29 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for September 24 - 2014

Long-term review

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Today's support and resistance levels:

R3: 1.5983

R2: 1.5969

R1: 1.5936

Current spot: 1.5924

S1: 1.5901

S2: 1.5883

S3: 1.5860

Technical summary:

We saw the expected strong rally above 1.5859 and it should just be a matter of time before the next strong rally kicks in. This time we should see a break above the base-channel resistance-line near 1.5985 for an acceleration higher to 1.6203 on the way higher to 1.6407. In the short term, only a break below 1.5883 will delay the expected upside rally for a move closer to 1.5860 before the next rally higher.

Trading recommendation:

We are long in EUR from 1.5826 and will move our stop higher to 1.5790. If you are not long in EUR yet, then buy a break above 1.5936 with the same stop at 1.5790.

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