Today's Support and Resistance levels:
R3: 1.6542
R2: 1.6473
R1: 1.6407
Current Spot: 1.6392
S1: 1.6368
S2: 1.6329
S3: 1.6302
Technical summary:
We saw a attempt top break clearly above resistance at 1.6380, but it was not successful, instead we are seeing a consolidation just around this resistance, but it should only be a matter of time, before we will see the next rally higher. In the short term we will see a slight downside pressure as long as minor resistance at 1.6407 protects the upside, which could cause a move towards 1.6329, but from here or upon a break above 1.6407 the upside is open again for the next rally higher towards strong resistance at 1.6542.
Trading recommendation:
Stay long in EUR from 1.6275 and move your stop higher to 1.6255. If you are not long in EUR, buy near 1.6329 or upon a break above 1.6407 (one order done cancels the other), with the same stop at 1.6255.
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 26, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for September 26, 2013
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