Today's Support and Resistance levels:
R3: 1.7238
R2: 1.7182
R1: 1.7134
Current Spot: 1.7109
S1: 1.7066
S2: 1.7006
S3: 1.6935
Technical summary:
We most likely saw the top of wave i on Friday with the test of 1.7197 and we should now expect the wave ii correction, at least, towards 1.6864, where wave ii will have corrected 38.2% of wave i. This is also where we saw wave four of one lessor degree and that is a very common target for second waves. That said it should be remembered, that second waves are allowed to correct all of the first wave, but it can never go beyond the start of wave one, which in this case would be at 1.6325. However, taking into consideration how powerful this wave i has been we should not expect to much of wave ii. Longer term we are looking for much higher levels in this cross with 181.33 being the next major long term target.
Trading recommendation:
Stay short from 1.7100 with a stop at 1.7185. Take profit + position reverse to a long EUR position at 1.6905.
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 26, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for August 26, 2013
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