Today's Support and Resistance levels:
R3: 1.6348
R2: 1.6304
R1: 1.6274
Current Spot:1.6241
S1: 1.6230
S2: 1.6187
S3: 1.6157
Technical summary:
With the clear break below the support at 1.6247 we knew, that the next important support at 1.6117 is in play. Short-term minor resistance at 1.6274 should protect the upside for the next decline towards 1.6187 and 1.6157 before we hit the cluster of supports near 1.6117. That said, we should be aware that this wave C decline from 1.7274 is loosing momentum fast, and, therefore, a bottom could be found at any time now for the next impulsive rally higher towards 1.7274 and higher in the longer term. However, we need a break above 1.6348 to get the first indication that the bottom is in place, while a break above 1.6420 confirms the bottom and the development of the next impulsive rally higher.
Trading recommendation:
The stop at 1.6200 was hit. Buy EUR at 1.6125 or upon a break above 1.6355 (one order done cancels the other). Place stop at 1.6095.
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 18, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/NZD for September 18, 2013
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