Today's Support and Resistance levels:
R3: 1.6946
R2: 1.6872
R1: 1.6796
Current Spot: 1.6743
S1: 1.6674
S2: 1.6623
S3: 1.6572
Technical summary:
We are looking for a C-wave of the major flat correction to develop towards strong support at 1.6225. In the short-term prospect, we expect minor resistance at 1.6796 to protect the upside trend from a break below 1.6703 and more importantly a break below 1.6673, which confirms next impulsive decline towards 1.6414. However, if resistance at 1.6796 is broken it will delay the downside pressure and we will see a move slightly higher towards 1.6872, but under no circumstance for a break above 1.6946 it will be allowed to invalidate this bearish count.
Trading recommendation:
Stay short on EUR from 1.6760 with a 1.6875 stop. If you have not been short on EUR yet then sell upon a break below 1.6703 with the same stop at 1.6875.
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 9, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for August 9, 2013
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