Today's Support and Resistance Levels:
R3: 1.6727
R2: 1.6680
R1: 1.6620
Current Spot: 1.6594
S1: 1.6540
S2: 1.6446
S3: 1.6353
Technical Summary:
The deep correction from the 1.6843 high and break below 1.6595 confirms that green wave v and red wave i ended at 1.6843 and that red wave ii is currently correcting red wave i. This correction should at least test 1.6540, but can become deeper and correct towards 1.6446 and maybe even lower towards 1.6353 before the powerful red wave iii will be ready to take over.
Short-term we should likely see a consolidation between 1.6575 and 1.6620 before the next decline towards 1.6540 and maybe even lower.
Trading Recommendation:
The stop at 1.6590 was hit. Wait for signs that the correction is about to be over before entering a new long EUR-position.
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 2, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/NZD for December 2, 2013
