29.11.201309:00 Forex Analysis & Reviews: Elliott Wave Analysis of EUR/NZD for November 29, 2013

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Today's Support and Resistance Levels:

R3: 1.6970

R2: 1.6890

R1: 1.6843

Current Spot: 1.6799

S1: 1.6749

S2: 1.6710

S3: 1.6637

Technical Summary:

With the clear break above 1.6733, the green wave v is extending and the next target for green wave v is at 1.6970, where green wave v is 100% of the distance traveled from the bottom of green wave i to the top of green wave iii. As we also have broken clearly out of the base-channel, we should expect only small or even sub-normal corrections as wave iii extends higher.

Short-term we should expect support at 1.6749 will protect the downside for a continuation higher towards 1.6970. A break below 1.6749 or more importantly a break below 1.6710 will call for a deeper correction towards 1.6625.

Trading Recommendation:

As we have missed two buying opportunities and we have broken clearly out of the base-channel, we will wait no longer. We will buy EUR here at 1.6799 with a stop at 1.6590.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.