Elliott wave analysis of EUR/NZD for February 19, 2014
February 19, 2014 9:25 am
Today’s Support and Resistance levels:
R3: 1.6663
R2: 1.6620
R1: 1.6567
Current spot: 1.6539
S1: 1.6514
S2: 1.6484
S3: 1.6454
Technical summary:
Wave iii did end just 10 small pips before the ideal extension target at 1.6630. We are now looking for a small wave iv correction towards the 1.6485 – 1.6514 area before the next impulsive rally higher towards the target for wave 1 at 1.6745. Our larger picture shows that we ended a major X-wave triangle at 1.6253 and a new impulsive rally higher to above 1.6996 and more importantly above 1.7274 is developing.
Trading recommendation:
Stay long in EUR from 1.6260 and raise your stop to 1.6425. If you are not long in EUR yet, then buy EUR close to 1.6514 with the same stop at 1.6425.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6663
R2: 1.6620
R1: 1.6567
Current spot: 1.6539
S1: 1.6514
S2: 1.6484
S3: 1.6454
Technical summary:
Wave iii did end just 10 small pips before the ideal extension target at 1.6630. We are now looking for a small wave iv correction towards the 1.6485 – 1.6514 area before the next impulsive rally higher towards the target for wave 1 at 1.6745. Our larger picture shows that we ended a major X-wave triangle at 1.6253 and a new impulsive rally higher to above 1.6996 and more importantly above 1.7274 is developing.
Trading recommendation:
Stay long in EUR from 1.6260 and raise your stop to 1.6425. If you are not long in EUR yet, then buy EUR close to 1.6514 with the same stop at 1.6425.
The material has been provided by InstaForex Company – www.instaforex.com
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