FX.co ★ EUR/NZD - Elliott Wave Analysis for August 15 - 2012

Today's Support and Resistance Levels:

S1: 1.5282 R1: 1.5393

S2: 1.5266 R2: 1.5445

S3: 1.5250 R3: 1.5505

Technical Overview:
We are well on the way towards the first target for blue wave iii at 1.5443. Once we reach the blue wave iii target, we do expect a minor flat correction towards 1.5350 and maybe even 1.5293, but it should not move much deeper than that. After the correction, we will be looking for the one last rally in blue wave v towards 1.5492 as the first possible target.

Trading Recommendation:
You should be long EUR against NZD from 1.5210. Lift the stop from 1.4960 to 1.5190 and take profit at 1.5440.