FX.co ★ Elliott Wave analysis of EUR/NZD for May 8, 2013

Today's Support and Resistance levels:

R3: 1.5855

R2: 1.5773

R1: 1.5734

Current Spot: 1.5664

S1: 1.5599

S2: 1.5540

S3: 1.5498

Technical overview:

This cross seems to have finally come to live. We are still looking for a major rally over the coming weeks/months and even years. Let us zoom in on the shorter time frame. With the break above resistance at 1.5611 we are looking for a continuation higher towards 1.5770 and 1.5917 as the next targets higher, but we expect this rally to move much higher in the longer term. In the short term we are looking for support at 1.5615 to protect the downside for the next move higher.

Trading recommendation:

We are long EUR from 1.5325 and will move our stop higher to 1.5550. If you are not long EUR already, then buy close to 1.5615 with the same stop.