Elliott Wave analysis of EUR/NZD for July 31, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6762

R2: 1.6686

R1: 1.6649

Current Spot: 1.6612

S1: 1.6577

S2: 1.6543

S3: 1.6514

Technical summary:

With an almost perfect test of strong resistance at 1.6686 (the high has been 1.6674) we think that a correction of this red wave i towards 1.6577 and likely deeper towards 1.6543 would be appropriate. However, we can make a case, where we will not see a correction of that magnitude and if this is the case we will see a direct break above 1.6649 and, more importantly, a break above 1.6686 calling for a continuation higher towards 1.6762 and 1.6818 on the way towards 1.7326, which we believe will be the target for black wave iii.

Trading recommendation:

We are long EUR from 1.6411 with a stop at 1.6390. If you are not long EUR yet, then buy near 1.6543 or upon a break above 1.6649 with the same stop at 1.6390.

The material has been provided by InstaForex Company - www.instaforex.com



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