Today's Support and Resistance levels:
R3: 1.6806
R2: 1.6744
R1: 1.6654
Current Spot: 1.6586
S1: 1.6582
S2: 1.6485
S3: 1.6409
Technical summary:
This wave ii correction has proven to be a harder nut to crack than expected. Once again we have taken out what could be the final low and once again we had to adjust our short-term count. Once again we could be at the low for this wave ii correction, which now has corrected 70.7% of wave i. However, the second waves are allowed to correct the whole wave i, but can never break below the starting point of wave i, which in this case is at 1.6325. Again we see a possible hidden divergence, but it could also be a warning that we still have more downside moves to come. To end this wave ii correction we need a break above the resistance at 1.6651 and more importantly a break above 1.6806. A break above the latter will confirm that wave ii has finally come to the end and wave iii is moving higher, at least, to 1.7968.
Trading recommendation:
If you are long from 1.6752, stay long, otherwise buy EUR upon a break above 1.6651 with a stop at 1.6325 expecting to be able to raise you stop higher soon.
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 6, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for September 6, 2013
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