Today's Support and Resistance Levels:

Support                        Resistance

1: 1.5340                     1: 1.5447

2: 1.5245                     2: 1.5505

3: 1.5205                     3: 1.5544

Technical Overview:

Looking at the structure of the decline from 1.5487 (fifth failure top) it seems as if light green wave v could be extended too. That does raise the risk of the ideal target at 1.5245 being broken towards the downside, but we should trade with the utmost caution as we approach support in the 1.5205 - 1.5245 area, and the bottom can be found at anytime now.

The most likely short term scenario is, that light blue wave iii will decline towards the support-area between 1.5205 - 1.5245 and then we should see a shallow light blue wave iv followed by one last decline to just below the ending-point of light blue wave iii.

Trade Recommendation:

You should be short EUR against NZD at 1.5425 or 1.5450 move stop down to 1.5505 and at the same time reverse your position to long EUR against NZD here. Keep your take profit levels at 1.5325