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21.05.2013 10:41 AM
Elliott Wave analysis of EUR/NZD for May 21, 2013

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Today's Support and Resistance levels:

R3: 1.5885

R2: 1.5840

R1: 1.5812

Current Spot: 1.5761

S1: 1.5744

S2: 1.5710

S3: 1.5681

Technical overview:

We are still expecting strong support at 1.5744 to protect the downside for a break above resistance at 1.5812 and, more importantly, resistance at 1.5840, which will confirm the next rally higher towards 1.5924 on the way towards the ideal target for red wave iii at 1.6481. That said a break below 1.5744 would likely be very short-lived and will delay the next rally higher, but it should only be a matter of time before the next rally takes off and we will see a break above 1.5840.

Trading recommendation:

We are long EUR from 1.5790 with a stop at 1.5600. If you are not long EUR already, then buy a break above 1.5840 with the same stop.

Summary
Urgency
Analytic
Torben Melsted
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