Elliott wave analysis of EUR/NZD for August 4, 2014
August 4, 2014 8:55 am
Today’s support and resistance levels:
R3: 1.5848
R2: 1.5825
R1: 1.5790
Current spot: 1.5782
S1: 1.5752
S2: 1.5792
S3: 1.5705
Technical summary:
We saw an unexpected rejection from 1.5812, which indicates that a slightly bigger correction towards 1.5705 is needed. However, once this correction is over, we should renew strength higher through 1.5829 for a move towards 1.6205 and higher in a longer term.
Trading recommendation:
Our stop at 1.5750 was hit for a nice profit. We will buy EUR again at 1.5710 with stop placed at 1.5600.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.5848
R2: 1.5825
R1: 1.5790
Current spot: 1.5782
S1: 1.5752
S2: 1.5792
S3: 1.5705
Technical summary:
We saw an unexpected rejection from 1.5812, which indicates that a slightly bigger correction towards 1.5705 is needed. However, once this correction is over, we should renew strength higher through 1.5829 for a move towards 1.6205 and higher in a longer term.
Trading recommendation:
Our stop at 1.5750 was hit for a nice profit. We will buy EUR again at 1.5710 with stop placed at 1.5600.
The material has been provided by InstaForex Company – www.instaforex.com
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