Elliott wave analysis of EUR/NZD for February 18, 2014
February 18, 2014 8:30 am
Today’s Support and Resistance levels:
R3: 1.6578
R2: 1.6525
R1: 1.6459
Current spot: 1.6430
S1: 1.6405
S2: 1.6359
S3: 1.6305
Technical summary:
We have finally broken above resistance at 1.6430 and should see an acceleration higher towards 1.6525 and higher towards 1.6787. In the short term, we will ideally see the former resistance at 1.6430 acting as support, but only a break below support at 1.6405 will frustrate our bullish view for a move closer to 1.6342, but this support can not be broken as that will invalidate our bullish expectations.
Trading recommendation:
Stay long in EUR from 1.6260 and move your stop higher to 1.6335. If you are not long in EUR yet, then buy here at 1.6430 with the same stop at 1.6335.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6578
R2: 1.6525
R1: 1.6459
Current spot: 1.6430
S1: 1.6405
S2: 1.6359
S3: 1.6305
Technical summary:
We have finally broken above resistance at 1.6430 and should see an acceleration higher towards 1.6525 and higher towards 1.6787. In the short term, we will ideally see the former resistance at 1.6430 acting as support, but only a break below support at 1.6405 will frustrate our bullish view for a move closer to 1.6342, but this support can not be broken as that will invalidate our bullish expectations.
Trading recommendation:
Stay long in EUR from 1.6260 and move your stop higher to 1.6335. If you are not long in EUR yet, then buy here at 1.6430 with the same stop at 1.6335.
The material has been provided by InstaForex Company – www.instaforex.com
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