FX.co ★ Elliott Wave analysis of EUR/NZD for May 6, 2013

Today's Support and Resistance levels:

S1: 1.5334 R1: 1.5376

S2: 1.5306 R2: 1.5415

S3: 1.5260 R3: 1.5456

Technical overview:

We are still looking for support in the 1.5300 - 1.5310 area to protect the downside for a break above minor resistance at 1.5376. It will serve as the first indication that we have seen a bottom and the next rally higher is developing. However, we need a break above resistance at 1.5415 and, more importantly, a break above 1.5456 to confirm the bottom and the next rally higher towards 1.5575 and 1.5611. Only a break below 1.5251 will invalidate our bullish call.

Trading recommendation:

We are long EUR from 1.5325 with a stop at 1.5250. If you are not long EUR already, then buy near 1.5310 or upon a break above 1.5376 with the same stop.