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04.12.2013 09:07 AM
Elliott Wave Analysis of EUR/NZD for December 4, 2013

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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.

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