Today's Support and Resistance Levels:
S1: 1.5395 R1: 1.5465
S2: 1.5323 R2: 1.5495
S3: 1.5270 R3: 1.5555
Technical Overview:
Our preferred count still shows that we are in an Expanded Flat correction from 1.5443. Taking into account this Expanded Flat correction, we are currently in the final wave c down, which ideally should take us down to support near 1.5195, which both marks the 50% retracement of the rally from 1.4968 to the top at 1.5443 and also marks the bottom of red wave iv, which is a very common target for the second wave corrections. Ideally, we will see a break below minor support at 1.5420 and more importantly 1.5395 soon, to confirm the decline towards the ideal corrective target near 1.5195.
Only a break above 1.5483 will be of concern to our preferred count.
Trading Recommendation:
We are short EUR against NZD at 1.5420 with a 1.5585 stop. We will move the stop down to 1.5525 and lower it again to 1.5485 upon a break below 1.5395. We will take profit at 1.5205. If you are not short EUR already, you can sell EUR upon a break below 1.5420 with the same stop and take profit levels.