FX.co ★ EUR/NZD - Elliott Wave Analysis for October 11 - 2012

Today’s Support and Resistance Levels:

S1: 1.5700 R1: 1.5752
S2: 1.5684 R2: 1.5810
S3: 1.5624 R3: 1.5832

Technical Overview:
We have seen more downside pressure towards 1.5700, but it is clear there is no momentum and we should see a break above minor resistance at 1.5727 soon. And, more importantly, a break above 1.5810 confirms that wave ii is over and wave iii of 3 higher has begun. A break above 1.5810 should call for a continuation higher towards 1.5937 and later on there will be a break above 1.5966.
It is quite surprisingly if we see a break below 1.5700, but strong support will be found just below 1.5684.

Trading Recommendation:
You should be long EUR from 1.5725 with a stop at 1.5680. If you are not long EUR already buy a break above 1.5810.