Today's Support and Resistance levels:
R3: 1.6798
R2: 1.6759
R1: 1.6730
Current spot: 1.6701
S1: 1.6666
S2: 1.6629
S3: 1.6572
Technical summary:
The decline only made to 1.6325 before a very powerful rally took over and with the break above important resistance at 1.6570 we must consider the major X- wave, that began from 171.13, as finished. Therefor we are looking for a new powerful zig-zag combination higher towards 1.7643 and more likely towards 1.8463 longer term. Short term we are looking for support at 1.6666 to protect the downside for the move higher towards 1.6798 and maybe even higher towards 1.6870.
Trading recommendation:
The stop at 1.6575 was hit for a nice profit. Buy EUR at 1.6675 with a stop at 1.6550.
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 20, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for August 20, 2013
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