FX.co ★ EUR/NZD - Elliott Wave Analysis for July 20 - 2012

Today's Support and Resistance Levels:
Support Resistance
1: 1.5205 1: 1.5205
2: 1.5451 2: 1.5155
3: 1.5505 3: 1.5100

Technical Overview:
We have now entered the ideal target area between 1.5205 - 1.5245 (the low has been 1.5208). It has as always been very difficult to pin-point the exact bottom, but we should be very close if it is not already in place with the 1.5208 low. To confirm the bottom, we need a break above resistance at 1.5451 and more importantly resistance at 1.5505, which will also confirm a rally higher towards at least the 1.5808 - 1.5885 area.
However, for now we will try to fine-tune the bottom. The short term risk is that resistance at 1.5356 protects the upside and turn us down again for one last low in the 1.5130 - 1.5150 area before the bottom is finally in place.

Trading Recommendation:
Our 1.5300 stop was taken out yesterday, but we re-bought EUR against NZD at 1.5250 and will place stop at 1.5095.