Today's Support and Resistance levels:
R3: 1.7046
R2: 1.6996
R1: 1.6955
Current Spot: 1.6875
S1: 1.6856
S2: 1.6807
S3: 1.6748
Technical summary:
The clear break above 1.6869 indicates that blue wave v of the expanded flat correction ended at 1.6807 and a new series of waves one's and two's is developing for the next powerful rally higher towards 1.6996 and higher towards 1.7239. However, a break below 1.6807 will shift the count, so blue wave v ended at 1.6996 and a correction towards 1.6569 is developing, before the next powerful rally should be expected.
As long as support at 1.6807 protects the downside, we will give the upside the benefit of the doubt.
Trading recommendation:
Stay long from 1.6715 with your stop at 1.6800. If you are not long in EUR, then buy after a break above 1.6924.
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 30, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for December 30, 2013
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