Elliott Wave analysis of EUR/NZD for May 20, 2013
Today’s Support and Resistance levels:
Current spot: 131.93
We are still looking for the last rally higher towards the ideal target near 134.47, where we expect the entire rally since the 94.10 low ends and marks the top of wave I. Once we have wave I in place we are looking for wave II lower to the bottom of wave 4 of one lesser degree, which comes in at 118.73. In the short term we would like to see support at 131.55 protecting the downside for a break above 132.13 to confirm the next rally higher towards 132.77 and higher to 133.54 on the way to the ideal target near 134.47. That said only a break below support at 130.97 will indicate that wave v of 5 ended early and the major wave II correction is already ongoing.
Our stop at 131.15 was hit for a small loss. We will buy a break above 132.13 with a stop at 131.50 and place our take profit+reverse of the position at 134.20.
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