Today's Support and Resistance levels:
R3: 1.6771
R2: 1.6723
R1: 1.6688
Current Spot: 1.6672
S1: 1.6634
S2: 1.6572
S3: 1.6543
Technical summary:
We only saw the minimum correction to 1.6572 before the next rally pushed above the top of red wave i and confirmed that red wave iii is developing. Ideally support at 1.6634 now will protect the downside for a break above 1.6722 indicating the next powerful rally higher towards at least 1.6882 and in the long term much higher towards 1.7326. However, if support at 1.6634 breaks, then we will have consider the rally of the 1.6572 low as part of an complex correction and look for a continuation down to at least 1.6572 and likely lower towards 1.6477 before red wave iii will be ready to take over.
Trading recommendation:
We are long EUR from 1.6411 and will raise our stop to 1.6565. If you are not long EUR already, then buy a break above 1.6722 with the same stop at 1.6565.
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 August 1, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for August 1, 2013
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