22.05.201310:27 Forex Analysis & Reviews: Elliott Wave analysis of EUR/NZD for May 22, 2013

Long-term review

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Today's Support and Resistance levels:

R3: 1.5924

R2: 1.5885

R1: 1.5851

Current spot: 1.5835

S1: 1.5820

S2: 1.5764

S3: 1.5728

Technical overview:

As we saw a break below support at 1.5744, we needed a little detour to 1.5702 before we saw the next move higher. With the break above resistance we should now see an increasing upside pressure. We are looking for support at 1.5820 to protect the downside for a break above 1.5854, which will confirm the next test of resistance at 1.5924, but this time we should see a clear break above this resistance for a continuation higher towards 1.6481. However, if support at 1.5820 is broken it will delay the rally higher for a slightly deeper correction towards 1.5764 before the next rally higher.

Trading Recommendation:

We are long EUR from 1.5790. We will move our stop higher to 1.5695. If you are not long EUR already the buy a break above 1.5854 with the same stop.

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