Today's Support and Resistance levels:
R3: 1.6869
R2: 1.6808
R1: 1.6739
Current Spot: 1.6692
S1: 1.6672
S2: 1.6630
S3: 1.6597
Technical summary:
Nothing much is going on with this currency pair right now. We are still looking for a rally higher towards 1.6869 to end the leading diagonal. Once finished we should look for a small correction before the next powerful rally higher.
In the short term we expect support at 1.6672 that will protect the downside for the rally higher towards 1.6869. Only a break below 1.6672 will delay the upside pressure for a decline towards 1.6569 before renewed upside pressure takes over again.
Trading recommendation:
Stay long in EUR from 1.6715 and lift your stop to 1.6665. If you are not long in EUR yet, then buy upon a break above 1.6739 with the same stop at 1.6665.
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 December 24, 2013 . Thanks for your support on Elliott wave analysis of EUR/NZD for December 24, 2013
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