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24.05.2013 09:03 AM
Elliott Wave analysis of EUR/NZD for May 24, 2013

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Today's Support and Resistance levels:

R3: 1.6134

R2: 1.6085

R1: 1.6040

Current Spot: 1.5996

S1: 1.5955

S2: 1.5922

S3: 1.5887

Technical overview:

We are in a position where an acceleration higher towards 1.6481 could take place any time. In the short term we will be looking for a break above 1.6040 as the possible catalyst for this acceleration higher. Support is now found at 1.5955 and strong support at 1.5922, which we expect will protect the downside for the break above 1.6040 and an acceleration towards the target for red wave iii at 1.6481. Only a break below support at 1.5842 will confuse the overall bullish picture.

Trading recommendation:

We are long EUR from 1.5790 and will move our stop a little higher to 1.5835.

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