FX.co ★ EUR/NZD - Elliott Wave Analysis for September 10 - 2012

Today's Support and Resistance Levels:

S1: 1.5710 R1: 1.5778

S2: 1.5689 R2: 1.5814

S3: 1.5667 R3: 1.5874

Technical Overview:

We are still looking for a move closer to the ideal corrective target for green wave iv at 1.5667 from where we expect the next rally higher towards at least 1.5974 to end green wave v and blue wave iii. We are currently working on a series of waves four's and five's to end the impulsive rally from 1.4968. The ideal top for this impulsive rally is just above 1.6200.

In the larger picture the rally from 1.4968 is just the first rally in which we expect many impulsive rallies well above 1.6969 and even 1.9520, but we will have to take these rallies step by step as they occur interrupted by correction in between.

Trading Recommendation:

We are still looking to buy EUR against NZD at 1.5675 with a 1.5580 stop and take profit at 1.6185.