Elliott wave analysis of EUR/NZD for February 14, 2014
February 14, 2014 12:25 pm
Today’s Support and Resistance levels:
R3: 1.6525
R2: 1.6477
R1: 1.6430
Current spot: 1.6370
S1: 1.6350
S2: 1.6305
S3: 1.6253
Technical summary:
I’m still looking for support at 1.6350 to protect the downside for a break above resistance at 1.6430 confirming a move higher towards 1.6525 and a break here will confirm that wave E of the X-wave triangle did finish at 1.6253 and confirms a continuation higher towards 1.6787 and beyond.
In the short term a break below support at 1.6350 will delay the potential upside pressure for a move closer to 1.6305, but we should not see a move below here as a break below 1.6305 will indicate that wave E is not in place yet.
Stay long in EUR from 1.6260 with the stop placed at 1.6210. If you are not long in EUR yet, then buy EUR upon a break above 1.6430 with the same stop at 1.6210.
The material has been provided by InstaForex Company – www.instaforex.com
R3: 1.6525
R2: 1.6477
R1: 1.6430
Current spot: 1.6370
S1: 1.6350
S2: 1.6305
S3: 1.6253
Technical summary:
I’m still looking for support at 1.6350 to protect the downside for a break above resistance at 1.6430 confirming a move higher towards 1.6525 and a break here will confirm that wave E of the X-wave triangle did finish at 1.6253 and confirms a continuation higher towards 1.6787 and beyond.
In the short term a break below support at 1.6350 will delay the potential upside pressure for a move closer to 1.6305, but we should not see a move below here as a break below 1.6305 will indicate that wave E is not in place yet.
Stay long in EUR from 1.6260 with the stop placed at 1.6210. If you are not long in EUR yet, then buy EUR upon a break above 1.6430 with the same stop at 1.6210.
The material has been provided by InstaForex Company – www.instaforex.com
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