Today's Support and Resistance Levels:
S1: 1.5749 R1: 1.5793
S2: 1.5668 R2: 1.5881
S3: 1.5602 R3: 1.5972
Technical Overview:
With green wave iii in place at 1.5881 we should now see a correction in green wave iv down to the wave iv (maroon wave iv) which will be between 1.5630 - 1.5705 from where we expect green wave v to start its move towards 1.5940 and likely even 1.6110, which will mark the end of green wave v and blue wave iii.
As we have said couple of weeks ago, we are in an extended red wave iii and we need to see a series of wave three's and four's before red wave iii finally finds its top near 1.6100 that will however not be the end of the uptrend since the 1.4968 low. Once red wave iii is in place, we should see a correction in red wave iii followed by yet another rally in red wave v.
Trading Recommendation:
Buy EUR against NZD at 1.5740 with a 1.5580 stop and take profit at 1.6085.
