You are here: Home > articles > Elliott Wave > Elliott wave analysis of EUR/NZD for December 31, 2013
Elliott wave analysis of EUR/NZD for December 31, 2013
December 31, 2013 10:15 amVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
Today’s Support and Resistance levels:
R3: 1.6924
R2: 1.6877
R1: 1.6807
Current Spot: 1.6789
S1: 1.6747
S2: 1.6674
S3: 1.6625
Technical summary:
As we said yesterday a break below 1.6807 will force us to change our count slightly. A break below 1.6807 told us, that blue wave v of the expanding diagonal ended at 1.6996 and we should now be looking for a correction towards 1.6569, before the next rally can be expected.
However, we have a bearish alternate count (see the chart below), which we have to consider as a serious possibility. We might only just have seen the top of a very complex b wave at 1.6996 and wave c lower is now developing for a decline towards 1.5793.
No matter which of the two scenarios, that proves to be correct, we should be looking for a decline over the coming days.
Trading recommendation:
Our long position was stopped out at 1.6800 with a nice profit. We will sell EUR at 1.6785 or upon a break below 1.6748 with a stop at 1.6840.
Happy New Year and a Prosperous 2014!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: