Today's Support and Resistance levels:
R3: 1.6507
R2: 1.6451
R1: 1.6389
Current Spot: 1.6372
S1: 1.6311
S2: 1.6255
S3: 1.6227
Technical summary:
What should have been the final decline to a new low near 1.6011 turned out to be a fifth failure, with a low at 1.6089 and we have now begun a new major rally. The first major target for this rally is at 1.7475. Of cause we will meet resistance as we move higher towards 1.7475 the first coming in at 1.6389 followed by resistance at 1.6542 (38.2% of wave C); 1.6682 (50% of wave C) and 1.6821 (61.8% of wave C). As long as resistance at 1.6380 protects the upside we could see a decline towards 1.6230 before the next move higher, but once resistance at 1.6380 breaks we should see an acceleration higher. At this point only a break below 1.6089 will invalidate the bullish outlook.
Trading recommendation:
The stop (for a small loss) + revers of the short position to a new long position was hit at 1.6275. The new stop for the long EUR position will be placed at 1.6085.
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 25, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for September 25, 2013
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