Elliott wave analysis of EUR/NZD for April 9, 2014
April 9, 2014 7:40 am
Today’s Support and Resistance levels:
R3: 1.5920
R2: 1.5893
R1: 1.5865
Current spot: 1.5845
S1: 1.5835
S2: 1.5807
S3: 1.5777
Technical summary:
The expected correction ended early and the downside pressure continued as expected. In the short term we are looking for minor resistance at 1.5865 to protect the upside for the next downside pressure towards the 1.5777-1.5766 area as the next target area. Once this area is reached, we should see a new correction towards 1.5865 and maybe even higher towards 1.5893 before the final decline towards the ideal target at 1.5530.
Trading recommendation:
We missed our entry point yesterday, but we will sell EUR at 1.5860 with a stop at 1.5900 and take profit at 1.5785.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.5920
R2: 1.5893
R1: 1.5865
Current spot: 1.5845
S1: 1.5835
S2: 1.5807
S3: 1.5777
Technical summary:
The expected correction ended early and the downside pressure continued as expected. In the short term we are looking for minor resistance at 1.5865 to protect the upside for the next downside pressure towards the 1.5777-1.5766 area as the next target area. Once this area is reached, we should see a new correction towards 1.5865 and maybe even higher towards 1.5893 before the final decline towards the ideal target at 1.5530.
Trading recommendation:
We missed our entry point yesterday, but we will sell EUR at 1.5860 with a stop at 1.5900 and take profit at 1.5785.
The material has been provided by InstaForex Company – www.instaforex.com
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