Today's Support and Resistance levels:
S1: 1.5531 R1: 1.5577
S2: 1.5487 R2: 1.5630
S3: 1.5440 R3: 1.5688
Technical overview:
We are currently seeing a break above the channel resistance-line near 1.5577. If this break is confirmed, our bullish call is confirmed and we should see acceleration as wave iii progresses for a rally towards at least 159.17 and more likely higher towards 1.6207. However, as long as resistance at 1.5577 protects the upside, we could risk another set-back in a more complex correction, but then it would take a break below 154.87 to confirm that this is even more complex correction, as compared to the one we have already seen, and a new decline towards 1.5405 is taking place, perhaps the decline to 1.5375 is to be seen.
Trading recommendation:
We go long the EUR/NZD from 1.5530 and raise our stop to 1.5480.
