FX.co ★ Elliott Wave Analysis of EUR/NZD for April 25, 2013

Today's Support and Resistance levels:

S1: 1.5274 R1: 1.5367

S2: 1.5248 R2: 1.5409

S3: 1.5188 R3: 1.5448

Technical overview:

The c-wave of the expanded flat correction has been deeper than we first anticipated, but we are currently at support at 1.5274, where wave c is 2 times longer than wave a, however to confirm that wave c is done we need a break above 1.5367. As long as minor resistance at 1.5367 protects the upside we could see wave c continue lower to 1.5188, where wave c will be 2.618 times longer than wave a, but there should be the ultimate target for wave c and from 1.5188 or upon a break above 1.5367 we should see a powerful rally in wave iii towards 1.6145 and possibly higher.

Trading recommendation:

We long EUR from 1.5350 with a stop at 1.5075 waiting for the possibility to move our stop higher. If you have not long EUR already, then buy near 1.5188 or upon a break above 1.5367 with the same stop.