Today's Support and Resistance levels:
R3: 1.6263
R2: 1.6233
R1: 1.6211
Current Spot: 1.6177
S1: 1.6120
S2: 1.6057
S3: 1.6017
Technical summary:
With a break above the minor resistance at 1.6136, we knew that blue wave iv would extend higher towards 1.6183 and possibly even to 1.6211, before blue wave v would be ready to take over for the final decline towards 1.5872, where we expect wave C of the large expanding flat correction, which began from 1.7153 in early August. However, a break below 1.6120 will confirm that blue wave iv is over and blue wave v lower is developing. At no point should we see a break above resistance at 1.6233, as that would indicate that wave C of the expanded flat correction is already in place.
Trading recommendation:
Stay short from 1.6130 with your stop and reverse at 1.6240. If you are not short in EUR, then sell near 1.6211 with the same stop and reverse at 1.6240.
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 22, 2013 . Thanks for your support on Elliott wave analysis of EUR/NZD for October 22, 2013
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