Today's Support and Resistance levels:
R3: 1.6239
R2: 1.6183
R1: 1.6136
Current Spot: 1.6068
S1: 1.6017
S2: 1.5945
S3: 1.5872
Technical summary:
We have seen the expected decline towards 1.6018 (the low has been at 1.6017). After a minor consolidation in the 1.6017 - 1.6136 area, we should see the next decline towards 1.5945 and the ideal target for this C-wave at 1.5872, from where we expect the next major impulsive rally higher towards 1.6515 and higher towards 1.7274.
Short-term minor resistance at 1.6136 will ideally protect the upside for the next decline, but a break above 1.6136 will delay the downside pressure for a move closer to 1.6211 before downward move starts again. At no point, we should trade above 1.6233, as that would indicate that an important low is already in place.
Trading recommendation:
Stay short from 1.6255 and move lower your stop to 1.6140. Keep you take profit and reverse a short EUR-position to a long EUR-position at 1.5890.
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 17, 2013 . Thanks for your support on Elliott wave analysis of EUR/NZD for October 17, 2013
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