Elliott wave analysis of EUR/NZD for August 21, 2014
August 21, 2014 3:55 pm
Today’s support and resistance levels:
R3: 1.5889
R2: 1.5867
R1: 1.5850
Current spot: 1.5826
S1: 1.5811
S2: 1.5793
S3: 1.5777
Technical summary:
We are still looking for signs, that wave b of 2 is over and wave c lower towards 1.5716 has taken over to end wave 2. In the short term, we need a break below minor support at 1.5793 to indicate, that wave b is over and wave c lower is developing for a decline towards 1.5716. Only an unexpected break above 1.5898 will indicate, that wave 2 ended early and wave 3 already under way higher towards 1.6205.
Trading receommendation:
We are looking for EUR-buying opportunities at 1.5715 or upon a break above 1.5898.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.5889
R2: 1.5867
R1: 1.5850
Current spot: 1.5826
S1: 1.5811
S2: 1.5793
S3: 1.5777
Technical summary:
We are still looking for signs, that wave b of 2 is over and wave c lower towards 1.5716 has taken over to end wave 2. In the short term, we need a break below minor support at 1.5793 to indicate, that wave b is over and wave c lower is developing for a decline towards 1.5716. Only an unexpected break above 1.5898 will indicate, that wave 2 ended early and wave 3 already under way higher towards 1.6205.
Trading receommendation:
We are looking for EUR-buying opportunities at 1.5715 or upon a break above 1.5898.
The material has been provided by InstaForex Company – www.instaforex.com
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