FX.co ★ Elliott Wave analysis of EUR/NZD for April 29, 2013

Today's Support and Resistance levels:

S1: 1.5296 R1: 1.5333

S2: 1.5255 R2: 1.5361

S3: 1.5236 R3: 1.5395

Technical overview:

We could have seen the bottom of wave c of ii at 1.5236, but to confirm that we need a break above 1.5361 and, more importantly, a break above 1.5395, which will confirm a continuation higher towards 1.5569 and higher. At this point only a break below 1.5255 will indicate that wave c of ii still is ongoing and that we should expect more downside price-action towards 1.5188. However, if we have not seen the bottom already we soon will.

Trading recommendation:

We are long EUR from 1.5350 with a stop at 1.5075. If you are not long EUR already then buy EUR upon near 1.5188 or upon a break above 153.61 with the same stop.