Elliott Wave analysis of EUR/NZD for December 5, 2013
December 5, 2013 7:15 am
Today’s support and resistance levels:
R3: 1.6681
R2: 1.6627
R1: 1.6592
Current spot: 1.6578
S1: 1.6535
S2: 1.6517
S3: 1.6443
Technical summary:
We have seen a clear impulsive five wave rally from the 1.6443 low to 1.6635 (a little below the ideal target of 1.6658). The correction from 1.6635 could be over with the test of 1.6527, but to confirm that, we need for minor support at 1.6535 to protect the downside for a break above 1.6591 and more importantly a break above 1.6635. As this is a minor green wave ii, which is currently developing, it can continue all the down to 1.6443, but that scenario is less likely.
Trading recommendation:
Stay long EUR and keep your stop at 1.6440. If you are not long EUR yet, then buy a break above 1.6591 with the same stop at 1.6440.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.6681
R2: 1.6627
R1: 1.6592
Current spot: 1.6578
S1: 1.6535
S2: 1.6517
S3: 1.6443
Technical summary:
We have seen a clear impulsive five wave rally from the 1.6443 low to 1.6635 (a little below the ideal target of 1.6658). The correction from 1.6635 could be over with the test of 1.6527, but to confirm that, we need for minor support at 1.6535 to protect the downside for a break above 1.6591 and more importantly a break above 1.6635. As this is a minor green wave ii, which is currently developing, it can continue all the down to 1.6443, but that scenario is less likely.
Trading recommendation:
Stay long EUR and keep your stop at 1.6440. If you are not long EUR yet, then buy a break above 1.6591 with the same stop at 1.6440.
The material has been provided by InstaForex Company – www.instaforex.com
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