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27.11.201410:47 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for November 27 - 2014

Long-term review

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Today's support and resistance levels:

R3: 1.5899

R2: 1.5851

R1: 1.5826

Current spot: 1.5796

S1: 1.5788

S2: 1.5763

S3: 1.5737

Technical summary:

We have seen the expected correction towards our target at 1.5805 (the low has been 1.5788) and we will now be looking for a break above minor resistance at 1.5826 as the first indication, that the correction is over, but a break above resistance at 1.5951 and more importantly a break above 1.5899 is needed to confirm that wave c higher to 1.6273 on the way higher to 1.6446 and 1.6800 is unfolding.

Trading recommendation:

We will buy upon a break above minor resistance at 1.5826 with a stop placed at 1.5775.

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