Today's Support and Resistance levels:
R3: 1.6688
R2: 1.6601
R1: 1.6556
Current Spot: 1.6521
S1: 1.6470
S2: 1.6454
S3: 1.6443
Technical summary:
We did not expect an expanding flat correction to develop, but as long as important support at 1.6443 stays untouched, we will be looking for a break above 1.6556 and more importantly a break above 1.6750 confirming a new powerful rally higher. However, a break below 1.6443 will be a game changer and call for a new decline towards 1.5900 and likely even below.
In the short term we would like to see support in the 1.6500-1.6510 zone protecting the downside for a rally above 1.6556 indicating that we have seen the expanding flat correction end at 1.6470.
Trading recommendation:
To our suprise, our stop at 1.6520 was hit, but we will re-buy EUR here at 1.6521 with a stop + reverse at 1.6440.
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 9, 2013 . Thanks for your support on Elliott wave analysis of EUR/NZD for December 9, 2013
