Today's Support and Resistance levels:
R3: 1.6961
R2: 1.6921
R1: 1.6864
Current Spot: 1.6821
S1: 1.6790
S2: 1.6756
S3: 1.6692
Technical overview:
Wave iii is still progressing nicely, but we are slowly but surely closing in on the top of black wave iii, which we expect will be found close to 1.7040. However, for now we are "only" in red wave v, which also will mark black wave iii, higher towards 1.7040. Once wave red wave v and black wave iii are in place we shall see a correction towards at least 1.6617 and more likely down to 1.6354, where wave iv will have corrected 38.2% of wave iii. As black wave ii was a complex wave, we should expect a simple zig-zag as black wave iv. However, it could also become a complex triangle, but at this point it is less likely, but time will show us.
Trading recommendation:
We are long EUR from 1.5790 and will keep our stop at 1.6550, but once we see a break above 1.6350 we will move our stop higher to 1.6685. We will place our take profit at 1.7015. As we are getting close to a temporary top we suggest to wait to take new long positions.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Elliott Wave analysis of EUR/NZD for June 11, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for June 11, 2013
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