09.07.201212:44 Forex Analysis & Reviews: EUR/NZD - Elliott Wave Analysis for July 9 - 2012

Today's Support and Resistance Levels:

Support                         Resistance
1: 1.5379                      1: 1.5464
2: 1.5329                      2: 1.5505
3: 1.5245                      3: 1.5544

Technical Overview:
The extended pink fifth wave is making progress nicely. We are currently correcting the light green wave iii, this correction should ideally take us up to 1.5464, from where the light green wave v could well emerge to a decline towards 1.5329 and possibly even down to the 1.5228 - 1.5245 area, which could mark the final bottom for the decline from 1.6969.
As the black wave v extended and the pink wave v extended as well, we should be aware that the light green wave v could also extend and take us all the way down to 1.5110 before the bottom is finally in place. There is no way to predict if the light green wave v will extend too, so we just have to be aware of this possibility.

Trading Recommendations:
If you are not short EUR against NZD already at 1.5425, the sell EUR at 1.5450 with a 1.5540 stop and take profit at 1.5325