Today's Support and Resistance levels:
R3: 1.6355
R2: 1.6333
R1: 1.6316
Current spot: 1.6303
S1: 1.6283
S2: 1.6249
S3: 1.6214
Technical summary:
With the break below 1.6403, we got the confirmation needed that the next impulsive decline towards 1.6129 and maybe even lower towards 1.6049 is developing. In the short-term we will ideally see resistance at 1.6310 protect the upside for a break below 1.6249, which confirms that the final decline towards 161.29 is developing. Once at 161.29 or perhaps even from the 1.6049 low which terminates wave (v) and iii we should see a new complex correction towards 1.6315 and likely even higher towards 1.6431 to end wave iv.
Trading recommendation:
Stay short from 1.6405 and move the stop lower to 1.6400. Place take profit at 1.6150. If you are not short in EUR yet, then sell near 1.6310 with the same stop and stop-profit levels.
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 January 21, 2014 . Thanks for your support on Elliott Wave Analysis of EUR/NZD for January 21, 2014
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