Today's Support and Resistance levels:
R3: 1.7053
R2: 1.6984
R1: 1.6934
Current Spot: 1.6910
S1: 1.6855
S2: 1.6825
S3: 1.6756
Technical overview:
We are looking for strong support at 168.25 (top of red wave i) to protect the downside for a break above resistance at 1.6975 and, more importantly, a break above resistance at 1.7053 which will confirm that a new high above 1.7113 will be seen. As the target for this ongoing black wave v we are looking for minimum 1.7162, but a more likely target is at 1.7400 and possibly at 1.7640. Once this black wave v finds its top we should expect the biggest correction we have seen since the 1.5080 low, both in points and in time.
Trading recommendation:
We are long EUR from 1.6450 and have our stop at 1.6820. As we are in the final parts of the rally from 1.5080 any new position should be regarded as a trading position only. That means close stops and quick exits.
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 24, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for June 24, 2013
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