Today's Support and Resistance Levels:

Support                         Resistance

1: 1.5300                      1: 1.5371

2: 1.5245                      2: 1.5450

3: 1.5205                      3: 1.5205

Technical Overview:

Even though we broke above minor resistance at 1.5425 yesterday, we where not even close to breaking above important resistance at 1.5505 and the following decline below 1.5340 and more importantly, 1.5303 (the low for now has been 1.5301) keeps the downtrend from 1.6969 alive.

The ideal target for the entire decline is still near 1.5245 but the latest price action has clouded the picture, at the same time we are very close to the ideal long-term target, which should make us very cautious, as a bottom can be found any time now. However to confirm, that a bottom is indeed in place now we need a break above 1.5450 as the first good indication, while a break above the resistance at 1.5505 confirms the bottom for a rally towards at least 1.5808 - 1.5885.

Trading Recommendation: 

 If you are long EUR against NZD from 1.5425 keep your stop at 1.5300. Otherwise buy EUR near 1.5250 or upon a break above 1.5505 (say 1.5515).