Today's Support and Resistance levels:
R3: 1.6421
R2: 1.6364
R1: 1.6348
Current Spot: 1.6307
S1: 1.6276
S2: 1.6227
S3: 1.6189
Technical summary:
We are still looking for a break above resistance at 1.6364 to confirm that wave C of the expanded flat correction is finally in place. A break above 1.6364 will not alone confirm that wave C is over, but it will also confirm, that the next impulsive rally higher towards 1.7274 and 1.7800 is developing. That said, we will have to accept the risk of an even deeper decline in wave C as long as resistance at 1.6364 protects the upside. A clear break below 1.6227 will call for a move lower towards 1.6117 before higher direction, but this outcome is not our preferred picture.
Trading recommendation:
If you are long in EUR from 1.6255, then stay long with a stop at 1.6200. If you are not long, wait to buy EUR upon a break above 1.6364 with the same stop at 1.6200.
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 September 17, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/NZD for September 17, 2013
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