Elliott Wave Analysis of EUR/NZD for February 4, 2014
February 4, 2014 8:25 am
Today’s Support and Resistance levels:
R3: 1.6723
R2: 1.6702
R1: 1.6683
Current Spot: 1.6638
S1: 1.6600
S2: 1.6577
S3: 1.6512
Technical summary:
After reviewing our count, we have moved wave iii higher to 1.6787. The reason is that the sub-wave four of iii was a running triangle and then we saw the wave five of iii higher to 1.6787, which was just below the ideal target of 1.6792. We are currently in the wave iv lower towards 1.6577 from where we expect wave v higher towards 1.6900. That said, we have mentioned the alternate count the last couple of days. This scenario shows that a triangle is developing, but we should still see a move higher towards 1.6900 after the ongoing correction is finished.
Trading recommendation:
Stay long EUR from 1.6495 and keep your stop at 1.6554. If you are not long EUR yet, then buy EUR near 1.6577 with a close stop at 1.6554. Place take profit at 1.6875.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6723
R2: 1.6702
R1: 1.6683
Current Spot: 1.6638
S1: 1.6600
S2: 1.6577
S3: 1.6512
Technical summary:
After reviewing our count, we have moved wave iii higher to 1.6787. The reason is that the sub-wave four of iii was a running triangle and then we saw the wave five of iii higher to 1.6787, which was just below the ideal target of 1.6792. We are currently in the wave iv lower towards 1.6577 from where we expect wave v higher towards 1.6900. That said, we have mentioned the alternate count the last couple of days. This scenario shows that a triangle is developing, but we should still see a move higher towards 1.6900 after the ongoing correction is finished.
Trading recommendation:
Stay long EUR from 1.6495 and keep your stop at 1.6554. If you are not long EUR yet, then buy EUR near 1.6577 with a close stop at 1.6554. Place take profit at 1.6875.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: