Elliott wave analysis of EUR/NZD for February 14, 2014 Trend News

Today's Support and Resistance levels:



R3: 1.6525

R2: 1.6477

R1: 1.6430

Current spot: 1.6370

S1: 1.6350

S2: 1.6305

S3: 1.6253

Technical summary:

I'm still looking for support at 1.6350 to protect the downside for a break above resistance at 1.6430 confirming a move higher towards 1.6525 and a break here will confirm that wave E of the X-wave triangle did finish at 1.6253 and confirms a continuation higher towards 1.6787 and beyond.

In the short term a break below support at 1.6350 will delay the potential upside pressure for a move closer to 1.6305, but we should not see a move below here as a break below 1.6305 will indicate that wave E is not in place yet.

Stay long in EUR from 1.6260 with the stop placed at 1.6210. If you are not long in EUR yet, then buy EUR upon a break above 1.6430 with the same stop at 1.6210.

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