Today's Support and Resistance levels:
R3: 1.6808
R2: 1.6749
R1: 1.6708
Current Spot: 1.6665
S1: 1.6630
S2: 1.6597
S3: 1.6569
Technical summary:
Not much is happening here. We are still looking for one last rally higher towards 1.6869 to finish the leading diagonal. In the long term we are looking for much higher levels, but we need to be patient and wait for this holding pattern to give away.
In the short term we are looking for support at 1.6630 to protect the downside for a break above 1.6708 and more importantly a break above 1.6749 confirming a new test of 1.6808 on the way towards 1.6869.
Trading recommendation:
Stay long from 1.6715 and raise your stop to 1.6615. If you are not long in EUR yet, then buy after a break above 1.6708 with the same stop at 1.6615.
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 23, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for December 23, 2013
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