FX.co ★ EUR/NZD - Elliott Wave Analysis for July 25 - 2012

Today's Support and Resistance Levels:

S1: 1.5372 R1: 1.5441

S2: 1.5351 R2: 1.5505

S3: 1.5329 R3: 1.5563

Technical Overview:
The minor correction we were looking for into the 1.5233 - 1.5265 materialized perfectly with at low at 1.5261 followed by a break above the minor high set at 1.5398. Ideally we should now see a continuation high for a break above resistance in the 1.5505 - 1.5510 area. A break above this area will add even more confidence that an important bottom was found at the 1.5131 low.
In long term we are looking for a rally to at least the 1.5805 - 1.5885 area.

Trading Recommendation:
You should be long EUR against NZD from either 1.5250 or 1.5295. For now lift stop to 1.5125 and lift it further to 1.5250 upon a break above 1.5510.