FX.co ★ EUR/NZD - Elliott Wave Analysis for August 17 - 2012

Today's Support and Resistance Levels:

S1: 1.5210 R1: 1.5334

S2: 1.5187 R2: 1.5373

S3: 1.5164 R3: 1.5444

Technical Overview:
We only saw a slight break below support at 1.5197 yesterday to 1.5187, but it was enough to take out our stop and leave us with a small loss of only 20 pips. However we, unfortunately, we did not get a chance to re-but EUR at 1.5170. The count that best fit the price action we have seen since the 1.4968 low is that we have seen a series of wave one's and two's, but we should soon see a more dynamic and powerful rise towards 1.5494 in green wave iii. As we are in the very early part of a possible major new rally, we must expect the price action to look choppy, but none the less, we do new small higher highs and higher lows all the time.

Trading Recommendation:
Buy EUR against NZD here at 1.5277 with a 1.5185 stop. Consider talking profit at 1.5485.