FX.co ★ EUR/NZD - Elliott Wave Analysis for September 26 - 2012

Today's Support and Resistance Levels:

S1: 1.5704 R1: 1.5753

S2: 1.5680 R2: 1.5773

S3: 1.5635 R3: 1.5810

Technical Overview:

We are still not out of the woods here. But a break above 1.5773 will indicate that we did indeed see a bottom at 1.5569 and a new rally past 1.5902 is developing. However, as long as resistance at 1.5773 has not been broken, we must be more neutral to slightly downside pressure, but at no point should we see a break below 1.5569 as that would force a new wave count.

In long-term we expect a rally higher towards at least 1.6508 and likely much higher, but for now let us concentrate on breaking above the minor resistance at 1.5773.

Trading Recommendation:

You should be long EUR from 1.5620 with a 1.5565 stop. If you are not long EUR already, you could play it safe and wait for the break above 1.5773 with the same stop.