Elliott wave analysis of EUR/NZD for December 19, 2013
December 19, 2013 8:45 am
Today’s Support and Resistance levels:
R3: 1.6808
R2: 1.6750
R1: 1.6706
Current Spot: 1.6693
S1: 1.6642
S2: 1.6608
S3: 1.6569
Technical summary:
The FED desicion also produced a minor new high at 1.6807 here. The 1.6807 high was followed by a quick decline to 1.6569. That could have ended the leading diagonal, but it could also just be the minor wave iv and wave v now developing towards 1.6869 and once wave v is in place a new correction towards 1.6569 should be seen. No matter, which count is correct we should expect minor support at 1.6642 will protect the downside for a new rally past 1.6807. Then time will show which count is the correct count.
Trading recommendation:
Our stop at 1.6600 was hit for a nice profit. We will buy EUR again at 166.50 or upon a break above 1.6712 with a stop at 1.6560.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6808
R2: 1.6750
R1: 1.6706
Current Spot: 1.6693
S1: 1.6642
S2: 1.6608
S3: 1.6569
Technical summary:
The FED desicion also produced a minor new high at 1.6807 here. The 1.6807 high was followed by a quick decline to 1.6569. That could have ended the leading diagonal, but it could also just be the minor wave iv and wave v now developing towards 1.6869 and once wave v is in place a new correction towards 1.6569 should be seen. No matter, which count is correct we should expect minor support at 1.6642 will protect the downside for a new rally past 1.6807. Then time will show which count is the correct count.
Trading recommendation:
Our stop at 1.6600 was hit for a nice profit. We will buy EUR again at 166.50 or upon a break above 1.6712 with a stop at 1.6560.
The material has been provided by InstaForex Company – www.instaforex.com
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