FX.co ★ Elliott wave analysis of EUR/NZD for May 5, 2014

Today's Support and Resistance levels:

R3: 1.6128

R2: 1.6095

R1: 1.6048

Current spot: 1.6021

S1: 1.5974

S2: 1.5956

S3: 1.5914

Technical summary:

It is "Make it or break it" time. A break below support at 1.5974 indicates that we will see one last decline towards the long-term target at 1.5566. If however, support at 1.5974 protects the downside for a break above resistance at 1.6095, odds will begin to favor the upside for a new test of important resistance at 1.6285 for a continuation higher towards at least 1.6787 and possibly even higher.

Trading recommendation:

Stay short in EUR from 1.6195 and place stop and revers at 1.6100.