Elliott Wave analysis of EUR/NZD for December 20, 2013
December 20, 2013 10:15 am
Today’s Support and Resistance levels:
R3: 1.6756
R2: 1.6694
R1: 1.6659
Current Spot: 1.6626
S1: 1.6597
S2: 1.6569
S3: 1.6517
Technical summary:
We are still looking for the final rally in blue wave v higher towards 1.6869 to end the leading diagonal. Once we have seen 1.6869 tested we should see a correction lower towards 1.6569. That said, we have to be aware of the possibility of blue wave v already being in place with the high set at 1.6807. If this is the case, the next rally will break right through resistance at 1.6869 for a continuation towards 1.7239. Only time will tell, which scenario is the correct one.
Trading recommendation:
Stay long EUR from 1.6715 with your stop at 1.6560. If you are not long EUR already, then buy a break above 1.6658 with the same stop at 1.6560.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6756
R2: 1.6694
R1: 1.6659
Current Spot: 1.6626
S1: 1.6597
S2: 1.6569
S3: 1.6517
Technical summary:
We are still looking for the final rally in blue wave v higher towards 1.6869 to end the leading diagonal. Once we have seen 1.6869 tested we should see a correction lower towards 1.6569. That said, we have to be aware of the possibility of blue wave v already being in place with the high set at 1.6807. If this is the case, the next rally will break right through resistance at 1.6869 for a continuation towards 1.7239. Only time will tell, which scenario is the correct one.
Trading recommendation:
Stay long EUR from 1.6715 with your stop at 1.6560. If you are not long EUR already, then buy a break above 1.6658 with the same stop at 1.6560.
The material has been provided by InstaForex Company – www.instaforex.com
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