Elliott wave analysis of EUR/NZD for August 22, 2014
August 22, 2014 9:30 am
Today’s support and resistance levels:
R3: 1.5826
R2: 1.5809
R1: 1.5793
Current spot: 1.5784
S1: 1.5770
S2: 1.5746
S3: 1.5716
Technical summary:
Wave c of 2 seems to be unfolding according to our expectations. We are currently looking for resistance at 1.5793, which ideally will protect the upside for a break below minor support at 1.5770 for a contination lower towards 1.5746, the wave c target near 1.5716 to end the wave 2 correction as well as and set the stage for a new impulsive rally in wave iii higher to 1.6205 and beyond.
Trading recommendation:
We will buy EUR at 1.5725 with a stop placed at 1.5680.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.5826
R2: 1.5809
R1: 1.5793
Current spot: 1.5784
S1: 1.5770
S2: 1.5746
S3: 1.5716
Technical summary:
Wave c of 2 seems to be unfolding according to our expectations. We are currently looking for resistance at 1.5793, which ideally will protect the upside for a break below minor support at 1.5770 for a contination lower towards 1.5746, the wave c target near 1.5716 to end the wave 2 correction as well as and set the stage for a new impulsive rally in wave iii higher to 1.6205 and beyond.
Trading recommendation:
We will buy EUR at 1.5725 with a stop placed at 1.5680.
The material has been provided by InstaForex Company – www.instaforex.com
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