Today's Support and Resistance Levels:
S1: 1.5210 R1: 1.5301
S2: 1.5187 R2: 1.5335
S3: 1.5170 R3: 1.5386
Technical Overview:
We do not think that blue wave ii is finished yet and do expect a little more downside pressure towards 1.5157 from where the more dynamic and powerful blue wave iii is expected to take over for a rally towards strong resistance near 1.5500. In the larger picture a break above resistance at 1.5500 will be the first good indication that we have seen an important bottom with the test of 1.4968 and much higher levels should be seen longer term. But for now let us concentrate on blue wave ii and where it will finish.
Trading Recommendation:
Buy EUR against NZD at 1.5180 with a stop at 1.5090 and consider taking profit at 1.5485.
