FX.co ★ EUR/NZD - Elliott Wave Analysis for August 31 - 2012

Today's Support and Resistance Levels:

S1: 1.5630 R1: 1.5688

S2: 1.5583 R2: 1.5706

S3: 1.5545 R3: 1.5740

Technical Overview:

We are still looking for a minor correction in maroon wave iv towards 1.5583 and maybe even 1.5545 to set the stage for the next rally higher in maroon wave v towards 1.5764 which will also mark the top of green wave iii. As we are looking for a series of waves three's and four's to the series of waves one's and two's we saw from 1.4968 to 1.5483, we expect the final red wave 5 in the area of 1.5942 to 1.6090 and the correction in between should be rather small.

Trading Recommendation:

We are still looking for an opportunity to buy EUR against NZD 1.5565 with a 1.5465 stop.