FX.co ★ EUR/NZD - Elliott Wave Analysis for September 3 - 2012

Today's Support and Resistance Levels:

S1: 1.5628 R1: 1.5737

S2: 1.5580 R2: 1.5822

S3: 1.5545 R3: 1.5888

Technical Overview:

We still expect a downside correction towards the channel top near 1.5588 to end maroon wave iv and set the stage for the next rally higher in maroon wave v towards 1.5777 and maybe even higher towards 1.5867. As we are in the middle of a series of wave three's and four's, we should expect the correction to be shallow as we push higher towards the target area for red wave v of 1.5942 - 1.6090. Once this area is reached, we expect a decent size correction.

Trading Recommendation:

We are looking for buying opportunities and recommend buying EUR against NZD near 1.5588 and taking profit at 1.5925.