Today's Support and Resistance levels:
R3: 1.6740
R2: 1.6684
R1: 1.6654
Current Spot: 1.6623
S1: 1.6559
S2: 1.6498
S3: 1.6444
Technical summary:
There was no time for a correction Friday, as we continued directly higher to the next resistance at 1.6685 (we have seen 1.6684 as the high for now). However, we still think that we should soon see wave ii unfold, but to confirm that wave ii is unfolding, we need a break below 1.6559 that would call for a continuation lower towards 1.6498 and 1.6444, before the ideal wave ii target near 1.6325. That said, we have to be aware that as long as support at 1.6559 protects the downside, we could see a continuation directly higher towards 1.6740 if wave i extends even more.
Trading recommendation:
Stay short from 1.6595 with your stop at 1.6695 and take profit at 1.6420. If you are not short in EUR yet, then sell upon a break below 1.6559 with the same stop and take 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 October 28, 2013 . Thanks for your support on Elliott wave analysis of EUR/NZD for October 28, 2013
No comments:
Post a Comment