FX.co ★ Elliott wave analysis of EUR/NZD for May 15, 2014

Today's Support and Resistance levels:

R3: 1.5985

R2: 1.5917

R1: 1.5858

Current spot: 1.5785

S1: 1.5717

S2: 1.5686

S3: 1.5653

Technical summary:

We are now in the very last part of the decline from 1.7274. Once this huge correction is over a new powerful rally should be seen. We are still looking for a move closer to the ideal corrective target at 1.5653 before the final bottom is in place, but to indicate that the bottom is in place, a break above resistance at 1.5858 is needed, and to confirm the bottom, a break above resistance at 1.5990 is needed.

Trading recommendation:

We will buy EUR at 1.5675 or upon a break above 1.5858. Stop will be placed at 1.5575.