FX.co ★ EUR/NZD - Elliott Wave Analysis for August 1 - 2012

Today's Support and Resistance Levels:

S1: 1.5096 (Possible bottom) R1: 1.5225

S2: 1.5045 R2: 1.5270

S3: 1.5000 R3: 1.5330

Technical Overview:
We are still in some kind of bottom-building process and could possibly have seen the bottom with the test of 1.5096, but as long as minor resistance at 1.5225 protects the upside we must accept the possibility of one last decline below 1.5096 towards 1.5045.
However, a break above 1.5225 will ease the downside pressure, but a break above resistance at 1.5330 is needed to really indicate that a bottom is in place for a new rally above 1.5443 towards strong resistance near 1.5813.

Trading Recommendation:
If you are long from 1.5180 keep your low-risk stop at 1.5115. Otherwise wait for a break above 1.5225 (buy at 1.5230) with the same stop.