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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.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2024
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