FX.co ★ EUR/NZD - Elliott Wave Analysis for July 17 - 2012

Today's Support and Resistance Levels:
Support Resistance
1: 1.5303 1: 1.5410
2: 1.5245 2: 1.5505
3: 1.5200 3: 1.5602

Technical Overview:
With a slight new low at 1.5303 which was seen yesterday, the question is whether the black wave v is finally in place or we need more downside actions towards the 1.5205 - 1.5245 area before we can call the final bottom.
As long as the minor resistance at 1.5410 protects the upside, we could see one more move towards the downside, but again we would like to stress, that we are in the absolute final part of the decline from 1.6969 and a bottom could be in at any time now. A break above 1.5410 and more importantly a break above 1.5505 will confirm that the decline from 1.6969 is over and a new rally to at least 1.5808 - 1.5885 has begun.

Trading Recommendation:
Buy EUR at 1.5250 or at 1.5425 - one cancels the other. Place stop at 1.5225.