FX.co ★ Elliott wave analysis of EUR/NZD for August 29, 2014

Today's support and resistance levels:

R3: 1.5767

R2: 1.5741

R1: 1.5724

Current spot: 1.5716

S1: 1.5685

S2: 1.5663

S3: 1.5630

Technical summary:

The break below 1.5692 tells us, that a more complex correction is unfolding. This correction could move as low as 1.5398, but we find it more likely, that the maximum for this correction is near 1.5589. The downside pressure will stay as long as resistance at 1.5767 protects the upside, but we need a break above the resistance line at 1.5865 to confirm strong acceleration higher towards 1.6203 and beyond.

Trading recommendation:

Our stop at 1.5690 was hit for a small loss. We will be looking for a new EUR buying opportunity at 1.5595 or upon a break above 1.5767.