EUR/NZD - Elliott Wave Analysis for July 27 - 2012
Today's Support and Resistance Levels:
S1: 1.5260 R1: 1.5360
S2: 1.5222 R2: 1.5389
S3: 1.5180 R3: 1.5443
The failure to break clearly above 1.5372 keeps the two scenarios we described yesterday alive:
The first scenario (shown on the chart) calls for a series of one and two, which should be followed by a very strong and dynamic rally in wave iii. Actually it will be a series of wave three's towards 1.5674, too.
The second scenario allows for a further dip to 1.5220 before red wave ii is over (an expanding flat correction). If this count turns out to be the right one, we should expect an extended red wave iii towards 1.5674 as the first target. A break below 1.5261 will confirm that this scenario is the right one.
You should be long EUR against NZD from 1.5250; 1.5265 or 1.5295 with 1.5125 stop. If you are not long EUR already buy at 1.5230 or at 1.5380 with the same stop. Upon a break above 1.5510, lift your stop to 1.5250.
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