Today's Support and Resistance levels:
R3: 1.6847
R2: 1.6799
R1: 1.6750
Current Spot: 1.6697
S1: 1.6674
S2: 1.6625
S3: 1.6572
Technical summary:
As minor, but important, resistance at 1.6933 had protected the upside from a break below support at 1.6801 we had to change our short-term count slightly (see the 15-minute chart below). With the decline to 1.6625 (deeper than expected) we have seen a 61.8% correction of wave i and wave c of the expanded flat correction has become 3 times longer than wave a. In the short-term, we will need a break above 1.6750 as the first indication, that wave ii could be over, but it will take a break above 1.6933 to confirm that wave ii is indeed over and wave iii is developing for a rally higher towards at least 1.8037 and possibly higher. However, as long as minor resistance at 1.6750 protects the upside we could see a slightly deeper correction in wave ii, but we are very close to a bottom now.
Trading recommendation:
Our stop at 1.6801 was hit. Buy EUR at 1.6590 or upon a break above 1.6750. Place stop at 1.6320 expecting to be able to raise your stop quickly.
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 September 5, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for September 5, 2013
No comments:
Post a Comment