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03.12.2013 08:57 AM
Elliott Wave analysis of EUR/NZD for December 3, 2013

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Today's Support and Resistance Levels:

R3: 1.6727

R2: 1.6664

R1: 1.6601

Current Spot: 1.6578

S1: 1.6553

S2: 1.6488

S3: 1.6446

Technical Summary:

The big question here is whether we have seen the bottom of red wave ii at 1.6488 (just above the ideal target at 1.6446) or we will see minor resistance at 1.6601 protect the upside for a little more downside action towards the ideal target at 1.6446.

A break above 1.6601 will indicate that red wave ii is indeed in place and we should see a powerful rally above 1.6727 confirming a new test of 1.6843 on the way higher towards 1.7274 and likely higher.

Trading Recommendation:

Buy EUR upon a break above 1.6601 with a stop at 1.6525

Torben Melsted,
Analytical expert of InstaForex
© 2007-2025
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