13.07.201215:26 Forex Analysis & Reviews: EUR/NZD - Elliott Wave Analysis for July 13 - 2012

Long-term review

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Today's Support and Resistance Levels:

Support Resistance
1: 1.5385 1: 1.5454
2: 1.5308 2: 1.5505
3: 1.5245 3: 1.5602

Technical Overview:
Even though we broke slightly above the resistance level at 1.5492 yesterday, the price-action is still not conclusive enough to say that we saw the final bottom with the test of 1.5308. However, if one last low is needed it will most likely be a slow-motion move down as we have broken outside the falling channel and the former resistance-line will now act as support. No matter if we are going to see one last decline closer to the ideal target near 1.5245 or not, the risk is clearly turning to the upside, and a clear break above 1.5492 will call for a continuation towards the 1.5808 - 1.5882 area, where we will find the first serious resistance area.

Trading Recommendations:
Buy EUR against NZD at 1.5255 or at 1.5505 with stop at 1.5225.

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