Elliott wave analysis of EUR/NZD for February 28, 2014
February 28, 2014 8:30 am
Today’s Support and Resistance levels:
R3: 1.6560
R2: 1.6496
R1: 1.6397
Current spot: 1.6314
S1: 1.6291
S2: 1.6253
S3: 1.6214
Technical summary:
We were looking for a wave 2 correction towards 1.6445, but it has extended lower and is currently testing support at 1.6290. The downside is limited from here and under no circumstances should we see a break below the start of wave 1 at 1.6252. In the short term we will be looking for a break above resistance at 1.6397 as the first good indication that wave 2 is over and wave 3 higher towards 1.7141 is developing. Only a break below the start of wave 1 at 1.6252 will invalidate our bullish count, but even if we see a break below 1.6252, the downside potential should be limited.
Trading recommendation:
We are long in EUR from 1.6510 with stop placed at 1.6210. If you are not long in EUR yet, then buy after a break above resistance at 1.6397.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6560
R2: 1.6496
R1: 1.6397
Current spot: 1.6314
S1: 1.6291
S2: 1.6253
S3: 1.6214
Technical summary:
We were looking for a wave 2 correction towards 1.6445, but it has extended lower and is currently testing support at 1.6290. The downside is limited from here and under no circumstances should we see a break below the start of wave 1 at 1.6252. In the short term we will be looking for a break above resistance at 1.6397 as the first good indication that wave 2 is over and wave 3 higher towards 1.7141 is developing. Only a break below the start of wave 1 at 1.6252 will invalidate our bullish count, but even if we see a break below 1.6252, the downside potential should be limited.
Trading recommendation:
We are long in EUR from 1.6510 with stop placed at 1.6210. If you are not long in EUR yet, then buy after a break above resistance at 1.6397.
The material has been provided by InstaForex Company – www.instaforex.com
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