Today's Support and Resistance Levels:
S1: 1.5677 R1: 1.5773
S2: 1.5643 R2: 1.5810
S3: 1.5593 R3: 1.5899
Technical Overview:
The rally of the 1.5569 low lack some impulsive character, which does make us a bit suspicious, but first waves can be very slow moving an even be overlapping in their structure (Leading Diagonals). We would favor a break above 1.5810 to confirm that have indeed seen a bottom at 1.5569 and more importantly a break above 1.5810 will confirm a new rally above 1.5902 and higher towards at least 1.6506 in wave 3.
In short-term we should expect a minor decline towards 1.5677 before we will see an attack on important resistance at 1.5810.
Trading Recommendation:
You should be long EUR at 1.5620 with an 1.5565 stop. If you are not long EUR already, you could play it safe and wait for a break above 1.5810 before buying EUR against NZD with the same stop.
