Elliott Wave analysis of EUR/NZD for December 27, 2013
December 27, 2013 11:30 am
Today’s Support and Resistance levels:
R3: 1.7007
R2: 1.6960
R1: 1.6873
Current Spot: 1.6839
S1: 1.6803
S2: 1.6748
S3: 1.6708
Technical summary:
Resistance at 1.6869 has been tested (the high has been 1.6873). Look for a correction in green wave ii towards at least 1.6708. That said, if support at 1.6803 protects the downside for a direct and powerful break above 1.6873 we will have to change our count slightly indicating, that blue wave v and green wave i ended already at 1.6808 and green wave iii is developing for a rally higher towards at least 1.6960 and more likely closer to 1.7239.
A break below 1.6803 confirms a correction in green wave ii towards at least 1.6708 and likely deeper towards 1.6569 before the next rally higher.
Trading recommendation:
Stay long EUR from 1.6715 move your stop higher to 1.6800. If you are not long in EUR, wait for a possible correction before buying.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.7007
R2: 1.6960
R1: 1.6873
Current Spot: 1.6839
S1: 1.6803
S2: 1.6748
S3: 1.6708
Technical summary:
Resistance at 1.6869 has been tested (the high has been 1.6873). Look for a correction in green wave ii towards at least 1.6708. That said, if support at 1.6803 protects the downside for a direct and powerful break above 1.6873 we will have to change our count slightly indicating, that blue wave v and green wave i ended already at 1.6808 and green wave iii is developing for a rally higher towards at least 1.6960 and more likely closer to 1.7239.
A break below 1.6803 confirms a correction in green wave ii towards at least 1.6708 and likely deeper towards 1.6569 before the next rally higher.
Trading recommendation:
Stay long EUR from 1.6715 move your stop higher to 1.6800. If you are not long in EUR, wait for a possible correction before buying.
The material has been provided by InstaForex Company – www.instaforex.com
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