Elliott Wave Analysis of EUR/NZD for December 4, 2013
December 4, 2013 6:45 am
Today’s Support and Resistance Levels:
R3: 1.6658
R2: 1.6636
R1: 1.6607
Current Spot: 1.6577
S1: 1.6560
S2: 1.6540
S3: 1.6520
Technical Summary:
After a quick decline to just below the ideal target at 1.6446 (the low came in at 1.6443, just 3 small pips below the ideal target) we have seen an impulsive rally. This first rally will likely end at 1.6658 for a small decline to towards the 1.6540 – 1.6545 zone before the next powerful rally towards important resistance at 1.6843 and a break above higher will be very bullish long term.
Trading Recommendation:
We bought EUR at 1.6605, placed stop at 1.6440. If you are not long EUR already, then buy close to 1.6545 with the same stop at 1.6545.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance Levels:
R3: 1.6658
R2: 1.6636
R1: 1.6607
Current Spot: 1.6577
S1: 1.6560
S2: 1.6540
S3: 1.6520
Technical Summary:
After a quick decline to just below the ideal target at 1.6446 (the low came in at 1.6443, just 3 small pips below the ideal target) we have seen an impulsive rally. This first rally will likely end at 1.6658 for a small decline to towards the 1.6540 – 1.6545 zone before the next powerful rally towards important resistance at 1.6843 and a break above higher will be very bullish long term.
Trading Recommendation:
We bought EUR at 1.6605, placed stop at 1.6440. If you are not long EUR already, then buy close to 1.6545 with the same stop at 1.6545.
The material has been provided by InstaForex Company – www.instaforex.com
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