FX.co ★ EUR/NZD - Elliott Wave Analysis for August 22 - 2012

Today's Support and Resistance Levels:

S1: 1.5392 R1: 1.5443

S2: 1.5357 R2: 1.5495

S3: 1.5317 R3: 1.5505

Technical Overview:
Here we found support already at 1.5212 and missed the opportunity to buy EUR against NZD at 1.5180. That proves that we are only in the very early part of what we believe will be a major new uptrend, which means we will have more great opportunities to buy EUR as the new uptrend develops.
We are closing in on the ideal blue wave iii target near 1.5500 from where we should see a new shallow blue wave iv towards 1.5370 before the next rally higher 1.5565 in blue wave v.

Trading Recommendation:
Buy EUR against NZD here with a stop at 1.5355 and take profit near 1.5500.