Today's Support and Resistance levels:
R3: 1.6241
R2: 1.6185
R1: 1.6133
Current Spot: 1.6090
S1: 1.6057
S2: 1.6016
S3: 1.5929
Technical summary:
We are getting very close to the Invalidation point at 1.6016 for our preferred count. If the above count is valid, we can not accept a break below 1.6016 as the second wave are not allowed to break below the starting point of wave i. Therefore, we are expecting support at 1.6057 and more important support at 1.6016 to protect the downside for a break above 1.6133 and more importantly a break above 1.6241, which calls for a rally higher towards 1.6349 and 1.6422 on the way higher.
However, if we see a break below the invalidation point at 1.6016, we will be forced to shift to a much more bearish count calling for a continuation lower towards at least 1.5493, but for now we are holding firm and are looking for a bottom soon.
Trading recommendation:
Our stop at 1.6240 was hit for a small loss. We will buy EUR again at 1.6057 or upon a break above 1.6133 (one order cancels the other). We will place stop and reverse at 1.6010 and be ready to ride the downside if needed.
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 6, 2013 . Thanks for your support on Elliott wave analysis of EUR/NZD for November 6, 2013
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