FX.co ★ Elliott Wave analysis of EUR/NZD for March 28, 2013

Today's Support and Resistance levels:

S1: 1.5245 R1: 1.5309

S2: 1.5209 R2: 1.5346

S3: 1.5155 R3: 1.5428

Technical overview:

We are now very close to our ideal target at 1.5209 and we should prepare for a major rally, which begins soon. In the short term we are looking for minor resistance at 1.5309 to protect the upside for the last decline towards our ideal target at 1.5209 from where we expect the next major rally to take place. In the long term upside for the coming rally is at least at 1.6602, but likely much higher. A break above minor resistance at 1.5309 will be the first good indication that a bottom is in place, while a break above 1.5427 and, more importantly, a break above 1.5627 is needed to confirm the bottom and confirm the next major rally higher.

Trading recommendation:

We took profit on our short position from 1.5655 at 1.5250 and are looking to buy EUR at 1.5225 or upon a break above 1.5309 (one order done cancels the other). Stop will be placed at 1.4960.