FX.co ★ Elliott Wave analysis of EUR/NZD for April 30, 2013

Today's Support and Resistance levels:

S1: 1.5273 R1: 1.5333

S2: 1.5255 R2: 1.5356

S3: 1.5236 R3: 1.5395

Technical overview:

It is still an open question whether wave c of ii finished at 1.5236 and is heading higher or we still need one last decline closer to 1.5188. As long as support is at 1.5255 we will be looking for a break above 1.5356 and, more importantly, a break above 1.5395 to confirm that we saw a bottom at 1.5236 and it is heading higher towards 1.5611. However, a break below 1.5255 will indicate that wave c has not finished yet and calls for one last decline closer to 1.5188 before wave iii can take over.

Trading recommendation:

We are long EUR from 1.5350 with a stop at 1.5070. If you are not long EUR yet then buy a break above 1.5356 with the same stop.