Elliott Wave analysis of EUR/NZD for December 26, 2013
December 26, 2013 11:30 am
Today’s Support and Resistance levels:
R3: 1.6869
R2: 1.6808
R1: 1.6766
Current Spot: 1.6761
S1: 1.6731
S2: 1.6681
S2: 1.6661
Technical summary:
It finally seems as we are ready to challenge the upside for a test of resistance at 1.6869 to end the expanding diagonal. Once the target at 1.6869 is hit, we will look for a correction towards 1.6569, before the next powerful rally takes over for a rally higher towards 1.7239.
That said, we must be aware of a possible much more bullish scenario, where the expanding leading diagonal ended already at 1.6808 and the coming rally will be a much more powerful wave iii rally, that will break right above 1.6869 and move higher towards 1.7239.
Short-term support at 1.6681 and more importantly support at 1.6661 will protect the downside for the break above 1.6808 confirming a test of resistance at 1.6869.
Trading recommendation:
Stay long from 1.6715 with stop placed at 1.6660, move your stop higher to 1.6695 upon a break above 1.6765. If you are not long in EUR yet, then buy after a break above 1.6765 with the same stop at 1.6695.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6869
R2: 1.6808
R1: 1.6766
Current Spot: 1.6761
S1: 1.6731
S2: 1.6681
S2: 1.6661
Technical summary:
It finally seems as we are ready to challenge the upside for a test of resistance at 1.6869 to end the expanding diagonal. Once the target at 1.6869 is hit, we will look for a correction towards 1.6569, before the next powerful rally takes over for a rally higher towards 1.7239.
That said, we must be aware of a possible much more bullish scenario, where the expanding leading diagonal ended already at 1.6808 and the coming rally will be a much more powerful wave iii rally, that will break right above 1.6869 and move higher towards 1.7239.
Short-term support at 1.6681 and more importantly support at 1.6661 will protect the downside for the break above 1.6808 confirming a test of resistance at 1.6869.
Trading recommendation:
Stay long from 1.6715 with stop placed at 1.6660, move your stop higher to 1.6695 upon a break above 1.6765. If you are not long in EUR yet, then buy after a break above 1.6765 with the same stop at 1.6695.
The material has been provided by InstaForex Company – www.instaforex.com
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