Elliott wave analysis of EUR/NZD for January 13, 2014
January 13, 2014 9:30 am
Today’s Support and Resistance levels:
R3: 1.6499
R2: 1.6475
R1: 1.6446
Current spot: 1.6442
S1: 1.6397
S2: 1.6342
S3: 1.6288
Technical summary:
Red wave extended to its maximum retracement target at 1.6575, but it also stopped there for a reversal lower in red wave v. We will be looking red wave v lower to 1.6342 as the first target and possibly even lower towards 1.6288, before red wave v and black wave (iii) is over. Once black wave (iii) is over we will be looking for black wave (iv) to below 1.6575 and then the final black wave (v) lower to 1.6200.
Trading recommendation:
Stay short from 1.6515 move your stop lower to 1.6500 and take profit at 1.6350 and be ready to resell EUR at 1.6525 with a stop at 1.6580.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6499
R2: 1.6475
R1: 1.6446
Current spot: 1.6442
S1: 1.6397
S2: 1.6342
S3: 1.6288
Technical summary:
Red wave extended to its maximum retracement target at 1.6575, but it also stopped there for a reversal lower in red wave v. We will be looking red wave v lower to 1.6342 as the first target and possibly even lower towards 1.6288, before red wave v and black wave (iii) is over. Once black wave (iii) is over we will be looking for black wave (iv) to below 1.6575 and then the final black wave (v) lower to 1.6200.
Trading recommendation:
Stay short from 1.6515 move your stop lower to 1.6500 and take profit at 1.6350 and be ready to resell EUR at 1.6525 with a stop at 1.6580.
The material has been provided by InstaForex Company – www.instaforex.com
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