Today's Support and Resistance Levels:
S1: 1.5667 R1: 1.5767
S2: 1.5630 R2: 1.5799
S3: 1.5580 R3: 1.5902
Technical Overview:
We finally saw the dip towards 1.5667 (the low has been 1.5633) and we should now be ready to take out resistance at 1.5760 and more importantly resistance at 1.5830 to confirm that the next part of the impulsive rally that began at 1.4968 is under way towards 1.5974 in green wave v, which at the same time will mark the top of blue wave iii.
We will now see a series of waves four's and five's, which could make the last part of the rally towards the ideal target near 1.6200 look a bit messy.
Trading Recommendation:
We bought EUR against NZD at 1.5675 with a protective stop at 1.5580 and will take profit at 1.6185.
