Elliott wave analysis of EUR/NZD for February 17, 2014
February 17, 2014 8:10 am
Today’s Support and Resistance levels:
R3: 1.6459
R2: 1.6420
R1: 1.6395
Current spot: 1.6378
S1: 1.6339
S2: 1.6327
S3: 1.6298
Technical summary:
We are looking for a break above resistance at 1.6420 soon, this break will confirm acceleration higher towards at least 1.6632. Short-term support at 1.6339 will ideally protect the downside for the break above resistance at 1.6420 for the expected acceleration higher. An unexpected break below 1.6339 will delay the upside pressure for a move closer to 1.6298 before renewed upside pressure should be seen.
Trading recommendation:
Stay long in EUR from 1.6260 and keep your stop at 1.6210. If you are long in EUR, then buy on a break above 1.6420 with a stop at 1.6320.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6459
R2: 1.6420
R1: 1.6395
Current spot: 1.6378
S1: 1.6339
S2: 1.6327
S3: 1.6298
Technical summary:
We are looking for a break above resistance at 1.6420 soon, this break will confirm acceleration higher towards at least 1.6632. Short-term support at 1.6339 will ideally protect the downside for the break above resistance at 1.6420 for the expected acceleration higher. An unexpected break below 1.6339 will delay the upside pressure for a move closer to 1.6298 before renewed upside pressure should be seen.
Trading recommendation:
Stay long in EUR from 1.6260 and keep your stop at 1.6210. If you are long in EUR, then buy on a break above 1.6420 with a stop at 1.6320.
The material has been provided by InstaForex Company – www.instaforex.com
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