Elliott Wave analysis of EUR/NZD for December 18, 2013
December 18, 2013 8:45 am
Today’s support and resistance levels:
R3: 1.6869
R2: 1.6779
R1: 1.6718
Current Spot: 1.6691
S1: 1.6666
S2: 1.6603
S2: 1.6556
Technical summary:
Nothing new here. We are still looking for the last rally higher towards 1.6869 to finish the leading diagonal. After correction lower from 1.6869 towards 1.6556, a new impulsive rally higher towards 1.7239 is expected.
Short term expect support at 1.6666 will protect the downside for a break above 1.6718 confirming the rally towards 1.6869 is under way.
Trading recommendation:
Stay long EUR from 1.6520 and move your stop higher to 1.6600. If you are not long EUR yet, then buy near 1.6666 or upon a break above 1.6718 with the same stop at 1.6600 and take profit at 1.6850 in both cases.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.6869
R2: 1.6779
R1: 1.6718
Current Spot: 1.6691
S1: 1.6666
S2: 1.6603
S2: 1.6556
Technical summary:
Nothing new here. We are still looking for the last rally higher towards 1.6869 to finish the leading diagonal. After correction lower from 1.6869 towards 1.6556, a new impulsive rally higher towards 1.7239 is expected.
Short term expect support at 1.6666 will protect the downside for a break above 1.6718 confirming the rally towards 1.6869 is under way.
Trading recommendation:
Stay long EUR from 1.6520 and move your stop higher to 1.6600. If you are not long EUR yet, then buy near 1.6666 or upon a break above 1.6718 with the same stop at 1.6600 and take profit at 1.6850 in both cases.
The material has been provided by InstaForex Company – www.instaforex.com
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