Elliott Wave Analysis of EUR/NZD for January 2, 2014
January 2, 2014 8:30 am
Today’s Support and Resistance Levels:
R3: 1.6818
R2: 1.6790
R1: 1.6765
Current Spot: 1.6733
S1: 1.6683
S2: 1.6621
S3: 1.6569
Technical Summary:
We are currently at strong support near 1.6683 and a break below here will indicate continuation towards the 1.6569 area. However, if this support protects the downside from a break above 1.6807, the green wave ii will be done and a new powerful rally towards 1.6996 and higher to 1.7239 will be in green wave iii. For now we just have to be patient and let time show us which scenario is the correct one.
Trading Recommendation:
Book your profit from the short position taken at 1.6785 here. Look to sell EUR again at 1.6785 with a stop at 1.6820.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance Levels:
R3: 1.6818
R2: 1.6790
R1: 1.6765
Current Spot: 1.6733
S1: 1.6683
S2: 1.6621
S3: 1.6569
Technical Summary:
We are currently at strong support near 1.6683 and a break below here will indicate continuation towards the 1.6569 area. However, if this support protects the downside from a break above 1.6807, the green wave ii will be done and a new powerful rally towards 1.6996 and higher to 1.7239 will be in green wave iii. For now we just have to be patient and let time show us which scenario is the correct one.
Trading Recommendation:
Book your profit from the short position taken at 1.6785 here. Look to sell EUR again at 1.6785 with a stop at 1.6820.
The material has been provided by InstaForex Company – www.instaforex.com
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