Today's Support and Resistance levels:
R3: 1.6514
R2: 1.6418
R1: 1.6353
Current Spot: 1.6288
S1: 1.6256
S2: 1.6220
S3: 1.6200
Technical summary:
As long as minor resistance at 1.6353 protects the upside we could see a deeper decline towards 1.6200, before wave ii is over. However, once we break above 1.6353 and more importantly above 1.6418 we should see a powerful acceleration higher towards at least 1.6800 and likely even higher towards the former top at 1.7274. The rally from the fifth low at 1.6089 has all the characteristics of an impulsive rally and therefore it should just be a matter of time before the next powerful rally higher begins.
Trading recommendation:
Stay long from 1.6315 with a stop at 1.6175. If you are not long in EUR, then buy at 1.6220 or upon a break above 1.6353 with the same stop at 1.6175.
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 October 1, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/NZD for October 1, 2013
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