FX.co ★ Elliott Wave analysis of EUR/NZD for March 27, 2013

Today's Support and Resistance levels:

S1: 1.5308 R1: 1.5379

S2: 1.5241 R2: 1.5426

S3: 1.5209 R3: 1.5498

Technical overview:

We are still looking for the last part of this e wave, of the large expanding triangle, to reach close to 1.5200, before a bottom is in place. In the short term we expect resistance in the 1.5357 - 1.5364 area to protect the upside for the next decline towards 152.41 and ideally 1.5209 before this decline is finally over. A break above 1.5364 will weaken the downside pressure, but only a break above 1.5379 and, more importantly, a break above 1.5426 will indicate that a bottom might already be in place for a new major rally.

Trading recommendation:

We are short EUR from 1.5655 and will move our stop+reverse, our short position to a long EUR-position lower to 1.5430 and we will take profit at 1.5250.