Today's Support and Resistance levels:
R3: 1.6515
R2: 1.6473
R1: 1.6430
Current Spot: 1.6382
S1: 1.6366
S2: 1.6336
S1: 1.6316
Technical summary:
The decline from 1.6492 became deeper than expected. The deep decline did take some of the immediately bullishness out of the picture, but, overall, we are looking for support at 1.6336 to protect the downside from a break above 1.6430 and more importantly a break above 1.6515, which calls for an impulsive rally higher towards 1.7000 and 1.7275 in the longer term.
The risk is a break below 1.6336 which will delay the upside pressure for a decline towards 1.6219, but that is not the preferred outcome.
Trading recommendation:
The stop at 1.6380 was hit for a profit. Look for a new EUR buying opportunity. Buying at 1.6366 or upon a break above 1.6398 (one cancels the other) with a stop at 1.6315.
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 3, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/NZD for October 3, 2013
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