FX.co ★ Elliott Wave Analysis on EUR/NZD for November 27, 2012

Today's Support and Resistance Levels:

S1: 1.5751 R1: 1.5804

S2: 1.5733 R2: 1.5836

S3: 1.5713 R3: 1.5900

Technical Overview:

The correction from the 1.5817 high was a bit more shallow than we anticipated. It could only reach 1.5708 before the break above 1.5798 was observed, which is indicating that the next impulsive rally higher is building. In the short term we expect that support at 1.5751 will protect the downside for the next rally higher through 1.5817, and more importantly 1.5836 towards the next minor target at 1.5900. However, in the long term we are looking for much higher levels here. The first major target is at 1.6063 followed by 1.6282.

Trading Recommendation:

We have bought EUR at 1.5800 with a stop at 1.5650. If you are not long EUR already, then buy EUR at 1.5765 or a break above 1.5804 (one order done cancels the other) with the same stop.