FX.co ★ Elliott Wave Analysis of EUR/NZD for December 26, 2012

Today's Support and Resistance Levels:

S1: 1.6010 R1: 1.6085

S2: 1.5962 R2: 1.6150

S3: 1.5915 R3: 1.6206

Technical Overview:

We have made a slight adjustment to our count, but that does not alter our overall call for a continuation higher towards the next targets at 1.6127 and 1.6206. Short term, however, we may still see a minor set-back towards the 1.5930 - 1.5960 area before the next rally through 1.6085 for the continuation higher towards 1.6127. Looking at the larger perspective, we can say that a close on a daily basis will establish the series of higher highs and higher lows and thereby set the underlying major trend as up.

Trading Recommendation:

We are long EUR from 1.5510 with a stop at 1.5930. We will raise our take profit level to 1.6185. If you are not long EUR already, buy EUR at 1.5975 with the same stop.