Today's Support and Resistance levels:
R3: 1.6733
R2: 1.6673
R1: 1.6603
Current Spot: 1.6564
S1: 1.6552
S2: 1.6528
S1: 1.6496
Technical overview:
We are looking for a powerful rally to take off any time now. A clear break above 1.6603 opens up the upside for an impulsive rally higher towards 1.7364, where wave iii will be 1.618 times longer than wave i. However, this rally could become even more extended and rally higher towards 1.7929, but only time will tell. In the short term we are looking for a minor support at 1.6552 to protect the downside for the break above 1.6603, but even if we see a break below 1.6552 the downside should be limited and at no point should we break below 1.6476 as that would delay the expected rally higher.
Trading recommendation:
We are long EUR from 1.6625 with a stop at 1.6420. If you are not long EUR yet we recommend buy upon a break above 1.6603 with the same stop at 1.6420.
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 July 24, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for July 24, 2013
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