Today's Support and Resistance levels:
R3: 1.6676
R2: 1.6625
R1: 1.6565
Current Spot: 1.6478
S1: 1.6409
S2: 1.6383
S3: 1.6325
Technical summary:
We are not really getting anywhere as this pair trades sideways. The big question is, of cause, whether this is bottom-consolidation and soon we will see a break above resistance at 1.6565 as the first good indication, that this wave ii is finally over and wave iii higher is developing for a rally higher towards 1.7274 followed by 1.7780 as the next major target. Or is this just another consolidation before the next push lower towards the invalidation point at 1.6325. If we at any time break below 1.6325, my preferred count will be invalidated and the alternate downward count steps up to be the preferred count. The alternate count calls for a continuation lower towards 1.6117 before the c-wave of an expanded flat correction finally comes to the end and wave iii higher can develop.
Trading recommendation:
Stay long in EUR with a stop at 1.6320. If you are not long in EUR, wait for buying EUR upon a break above 1.6565 with the same stop at 1.6320.
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 11, 2013 . Thanks for your support on Elliott Wave Analysis of EUR/NZD for September 11, 2013
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