Today's Support and Resistance Levels:
R3: 1.6970
R2: 1.6890
R1: 1.6843
Current Spot: 1.6799
S1: 1.6749
S2: 1.6710
S3: 1.6637
Technical Summary:
With the clear break above 1.6733, the green wave v is extending and the next target for green wave v is at 1.6970, where green wave v is 100% of the distance traveled from the bottom of green wave i to the top of green wave iii. As we also have broken clearly out of the base-channel, we should expect only small or even sub-normal corrections as wave iii extends higher.
Short-term we should expect support at 1.6749 will protect the downside for a continuation higher towards 1.6970. A break below 1.6749 or more importantly a break below 1.6710 will call for a deeper correction towards 1.6625.
Trading Recommendation:
As we have missed two buying opportunities and we have broken clearly out of the base-channel, we will wait no longer. We will buy EUR here at 1.6799 with a stop at 1.6590.
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 November 29, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/NZD for November 29, 2013
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