Today's Support and Resistance levels:
R3: 1.6800
R2: 1.6773
R1: 1.6723
Current Spot: 1.6646
S1: 1.6611
S2: 1.6572
S3: 1.6498
Technical summary:
The rally from the 1.6057 low continues higher, and we have seen 1.6723 tested, however, we are clearly observing a loss of momentum, which does indicate that a top could be in place or be nearby. To confirm the top, we need a break below 1.6611 and more importantly a break below 1.6572 that would call for a correction towards at least 1.6469 and possibly even lower towards 1.6311. That said, we have to respect the ongoing uptrend as long as support at 1.6611 protects the downside, for a possible extension higher towards 1.6773.
Trading recommendation:
The stop at 1.6695 was hit for a loss. we are still looking for wave ii to unfold and recommends selling EUR upon a break below 1.6611 with a stop above 1.6723 and take profit at 1.6390.
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 30, 2013 . Thanks for your support on Elliott wave analysis of EUR/NZD for October 30, 2013
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