FX.co ★ Elliott Wave Analysis on EUR/NZD for November 28, 2012

Today's Support and Resistance Levels:

S1: 1.5733 R1: 1.5762

S2: 1.5720 R2: 1.5785

S3: 1.5699 R3: 1.5804

Technical Overview:

We are still looking for the break above resistance at 1.5836. It confirms that wave 3 higher is indeed under way. The shown count is our preferred count, but we cannot be sure this is the right count before we have seen the break above the reflex-point at 1.5836. As it can be seen we have marked green wave ii as finished already, but green wave ii could still turn into a more complex correction, which will call for a deeper correction towards 1.5701 and maybe even down to 1.5674. On the contrary, it is less likely. However, a break above 1.5776 will ease the downside pressure and call for a new test of important resistance at 1.5836 and a break above here will open up the upside for a rally to 1.6057 and higher towards 1.6224 in the long term.

Trading Recommendation:

You should be long EUR from 1.5800 with a 1.5650 stop. If you are not long EUR already buy a break above 1.5771 with the same stop.