Today's Support and Resistance levels:
R3: 167.50
R2: 167.16
R1: 166.61
Current Spot: 1.6626
S1: 1.6584
S2: 1.6550
S3: 1.6516
Technical summary:
We are still looking for green wave iii to push over resistance at 1.6750 confirming that a new powerful rally towards at least 1.7239 is developing. As long as resistance at 1.6750 stays unbroken the bearish alternative count, which comes into play upon a break below 1.6470, it is very much a possible count that we must respect. That said, we will stay focused towards the upside for a break above 1.6661 and more importantly the break above 1.6750 as long as support at 1.6521 protects the downside. A break below 1.6521 will be the first indication, that the alternative count could be in action.
Trading recommendation:
Stay long from 1.6520 and lift your stop to break-even. If you are not long in EUR yet, buy near 1.6590 or upon a break above 1.6750, with the same stop at 1.6520.
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 December 11, 2013 . Thanks for your support on Elliott wave analysis of EUR/NZD for December 11, 2013
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