Elliott wave analysis of EUR/NZD for April 7, 2014
April 7, 2014 8:00 am
Today’s Support and Resistance levels:
R3: 1.6012
R2: 1.5991
R1: 1.5965
Current spot: 1.5935
S1: 1.5903
S2: 1.5876
S3: 1.5836
Technical summary:
The decline from 1.6180 is clearly impulsive and the final red wave v is unfolding for a decline towards the ideal target at 1.5530. In the short term we are looking for a minor low near 1.5876 for a minor correction to just below strong support at 1.5975 before the next move lower towards 1.5766 and below. We have to remember, that this is the final move lower in the major correction, which has been unfolding since August 2013 and once this correction is over, we should look for renewed upside pressure.
Trading recommendation:
Stay short in EUR from 1.6175 and lower your stop to 1.5985. If you are not short in EUR yet, then sell near 1.5975 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6012
R2: 1.5991
R1: 1.5965
Current spot: 1.5935
S1: 1.5903
S2: 1.5876
S3: 1.5836
Technical summary:
The decline from 1.6180 is clearly impulsive and the final red wave v is unfolding for a decline towards the ideal target at 1.5530. In the short term we are looking for a minor low near 1.5876 for a minor correction to just below strong support at 1.5975 before the next move lower towards 1.5766 and below. We have to remember, that this is the final move lower in the major correction, which has been unfolding since August 2013 and once this correction is over, we should look for renewed upside pressure.
Trading recommendation:
Stay short in EUR from 1.6175 and lower your stop to 1.5985. If you are not short in EUR yet, then sell near 1.5975 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
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