Today's Support and Resistance levels:
R3: 1.6789
R2: 1.6746
R1: 1.6700
Current Spot: 1.6661
S1: 1.6625
S2: 1.6578
S3: 1.6519
Technical overview:
With the break below important support at 1.6825 (top of red wave i) we knew that we had seen the top of black wave v and wave C at 1.7111. Even though we believed that we had more more room towards the upside. We warned that a top could be in place any time, as we had a complete five wave rally from the 1.5080 low. So what can we expect from here? First of all we are likely looking for a corrective X-wave building. The ideal target would be just below 1.6388. Therefore, we will have to switch our mind-set towards a corrective decline rather than an impulsive rally higher. In the short term we expect a minor corrective rally towards 1.6789, from where the next part of the X-wave decline is taking place towards 1.6529.
Trading recommendation:
We are looking for a possibility to sell EUR and will sell at 1.6780 with a stop at 1.6855. We will place our take profit at 1.6550.
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 27, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for June 27, 2013
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