Today's Support and Resistance levels:
R3: 1.6634
R2: 1.6592
R1: 1.6571
Current Spot: 1.6554
S1: 1.6527
S2: 1.6501
S3: 1.6482
Technical summary:
With the break above 1.6486 we had confirmation, that a bottom is in place for a new impulsive rally higher. To confirm, that we have seen an important low for wave ii we would like to see a break above strong resistance at 1.6686 as well, as that will confirm continuation higher towards 1.6818 and 171.13. In the short term we are looking for support at 1.6527 and important support at 1.6482, which ideally protects the downside for the rally towards 1.6686.
Trading recommendation:
We are long EUR from 1.6411 and will move our stop higher to 1.6390 leaving us with a very small risk. If you are not long EUR yet, then buy on a possible set-back towards 1.6527 with the same stop at 1.6390.
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 30, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for July 30, 2013
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