Today's Support and Resistance levels:
R3: 1.6987
R2: 1.6946
R1: 1.6883
Current Spot: 1.6848
S1: 1.6799
S2: 1.6771 (top of blue wave i - A break invalidates the bullish count)
S3: 1.6720
Technical summary:
We are still looking for important support at 1.6771 (top of blue wave i) to protect the downside movement from a break above 1.6883 and a more important break above 1.6946, which will confirm that blue wave iv is over and that blue wave v is developing higher for a rally at least towards 1.7166. In a longer term we are looking for a test of 1.7326 as the target of wave iii. However, if important support at 1.6771 is taken out, that would invalidate our bullish count and call for a new decline towards 1.6225 in a flat correction.
Trading recommendation:
Stay long on EUR from 1.6860 with stop at 1.6765. Otherwise, buy above 1.6883 with stop at 1.6765.
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 7, 2013 . Thanks for your support on Elliott wave analysis of EUR/NZD for August 7, 2013
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