Elliott Wave Analysis of EUR/NZD for January 22, 2014
January 22, 2014 11:15 am
Today’s Support and Resistance levels:
R3: 1.6334
R2: 1.6307
R1: 1.6284
Current spot: 1.6263
S1: 1.6238
S2: 1.6190
S3: 1.6129
Technical summary:
The correction we expected to end at 1.6310 became slightly more complex and ended at 1.6334. However, in the short term we are looking for minor resistance at 1.6284 to protect the upside for the next decline towards 1.6129 and perhaps even lower towards 1.6049 to end wave (v) and iii. Once wave iii is in place look for a complex correction in wave iv towards 1.6315 and likely even higher to 1.6431 before the last impulsive decline towards the ideal target at 1.5793.
Trading recommendation:
Stay short from 1.6405 and lower your stop to 1.6340 and keep take profit at 1.6150. If you are not short in EUR yet, then sell near 1.6285 or upon a break below 1.6238 with the same stop and take profit levels.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6334
R2: 1.6307
R1: 1.6284
Current spot: 1.6263
S1: 1.6238
S2: 1.6190
S3: 1.6129
Technical summary:
The correction we expected to end at 1.6310 became slightly more complex and ended at 1.6334. However, in the short term we are looking for minor resistance at 1.6284 to protect the upside for the next decline towards 1.6129 and perhaps even lower towards 1.6049 to end wave (v) and iii. Once wave iii is in place look for a complex correction in wave iv towards 1.6315 and likely even higher to 1.6431 before the last impulsive decline towards the ideal target at 1.5793.
Trading recommendation:
Stay short from 1.6405 and lower your stop to 1.6340 and keep take profit at 1.6150. If you are not short in EUR yet, then sell near 1.6285 or upon a break below 1.6238 with the same stop and take profit levels.
The material has been provided by InstaForex Company – www.instaforex.com
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