FX.co ★ Elliott wave analysis of EUR/NZD for August 15, 2014

Today's support and resistance levels:

R3: 1.5808

R2: 1.5793

R1: 1.5778

Current spot: 1.5759

S1: 1.5749

S2: 1.5740

S3: 1.5726

Technical summary:

We have been looking for a correction towards support near 1.5707. Till now, we have seen a low at 1.5716, but we still think that a little more downside is needed before wave 2 is considered to be over. In the short term, we could see a move slightly closer to 1.5793 before the next downside pressure is expected. Only an unexected break above resistance at 1.5815 will indicate, that wave 2 is already in place and a new rally to above 1.5898 is developing.

Trading recommendation:

We bought EUR at 1.5715 and will move our stop higher to 1.5735 and take profit at 1.5785. I hope to getting one more chance to buy near 1.5707.