Elliott Wave analysis of EUR/NZD for January 10, 2014
January 10, 2014 8:45 am
Today’s Support and Resistance levels:
R3: 1.6621
R2: 1.6575 – Important resistance. Low of red wave i.
R1: 1.6546
Current Spot: 1.6516
S1: 1.6483
S2: 1.6435
S3: 1.6397
Technical summary:
The expanded flat scenario has worked well and as long as support at 1.6483 protects the downside we could see red wave c extend a little higher towards 1.6546 before red wave v takes over for a break below 1.6483 and more importantly a break below 1.6397 confirming red wave v lower towards 1.6200. Once red wave v and black wave (iii) is done we should see a new correction, but it should stay below the top of red wave iv.В
Trading recommendation:
Stay short in EUR from 1.6515 with a stop at 1.6580. If you are not short in EUR yet, the sell EUR near 1.6546 or upon a break below 1.6483 with the same stop at 1.6575.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6621
R2: 1.6575 – Important resistance. Low of red wave i.
R1: 1.6546
Current Spot: 1.6516
S1: 1.6483
S2: 1.6435
S3: 1.6397
Technical summary:
The expanded flat scenario has worked well and as long as support at 1.6483 protects the downside we could see red wave c extend a little higher towards 1.6546 before red wave v takes over for a break below 1.6483 and more importantly a break below 1.6397 confirming red wave v lower towards 1.6200. Once red wave v and black wave (iii) is done we should see a new correction, but it should stay below the top of red wave iv.В
Trading recommendation:
Stay short in EUR from 1.6515 with a stop at 1.6580. If you are not short in EUR yet, the sell EUR near 1.6546 or upon a break below 1.6483 with the same stop at 1.6575.
The material has been provided by InstaForex Company – www.instaforex.com
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