04.08.201410:57 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 4, 2014

Long-term review

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Today's support and resistance levels:

R3: 1.5848

R2: 1.5825

R1: 1.5790

Current spot: 1.5782

S1: 1.5752

S2: 1.5792

S3: 1.5705

Technical summary:

We saw an unexpected rejection from 1.5812, which indicates that a slightly bigger correction towards 1.5705 is needed. However, once this correction is over, we should renew strength higher through 1.5829 for a move towards 1.6205 and higher in a longer term.

Trading recommendation:

Our stop at 1.5750 was hit for a nice profit. We will buy EUR again at 1.5710 with stop placed at 1.5600.

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