FX.co ★ Elliott Wave analysis of EUR/NZD for March 4, 2013

Today's Support and Resistance levels:

S1: 1.5757 R1: 1.5810

S2: 1.5701 R2: 1.5847

S3: 1.5638 R3: 1.5867

Technical overveiw:

We are still looking for a very powerful decline, which may unfold soon. A break below support at 1.5730 should accelerate the decline for a test of support at 1.5638 and 1.5592 on the way down to the ideal target near 1.5200. In the short term only an unexpected break above 1.5816 will delay the decline for a minor rally towards 1.5847 before the downside pressure takes over again.

Trading recommendation:

We are short EUR from 1.5915 with a stop at 1.5940. If you are not short EUR already, sell a break below 1.5730 with the same stop.