FX.co ★ EUR/NZD - Elliott Wave Analysis for August 16 - 2012

Today's Support and Resistance Levels:

S1: 1.5197 R1: 1.5236

S2: 1.5164 R2: 1.5266

S3: 1.5147 R3: 1.5298

Technical Overview:
The reaction from the 1.5335 high has been deeper than first expected and it enabled the possibility of a slightly deeper correction towards 1.5164 before the next upside pressure takes over again. From 1.5164 or a direct break above 1.5262 we should see a new rally above 1.5335 towards 1.5440, which is the first target for blue wave iii. In long term we are looking for much higher levels, as we regard the entire decline from 1.9550 with the test of 1.4968.

Trading Recommendation:
You should be long EUR against NZD at 1.5210 with a stop at 1.5190. If this stop is triggered then re-buy at 1.5170 with a stop at 1.5090.