FX.co ★ EUR/NZD - Elliott Wave Analysis for September 12 - 2012

Today's Support And Resistance Levels:

S1: 1.5667 R1: 1.5732

S2: 1.5630 R2: 1.5799

S3: 1.5580 R3: 1.5902

Technical Overview:

With the test of the ideal correction target for green wave iv at 1.5667 we are now looking for the next impulsive move higher towards 1.5974 to end green wave v and blue wave iii. We should now expect a series of waves four's and five's which could make the picture a bit messy, but in overall we should see the impulsive rally from 1.4968 to continue higher towards the ideal target near 1.6200 where we expect the wave impulsive rally will end and set the stage for a bigger correction.

In the larger picture we are looking for much higher levels in the months to come as the impulsive rally from 1.4968 extends.

Trading Recommendation:

We bought EUR against NZD at 1.5675 with a 1.5580 stop and will take profit at 1.6185.