Elliott Wave Analysis of EUR/NZD for January 31, 2014
January 31, 2014 11:15 am
Today’s Support and Resistance levels:
R3: 1.6792
R2: 1.6763
R1: 1.6677
Current Spot: 1.6625
S1: 1.6609
S2: 1.6592
S3: 1.6561
Technical summary:
The expected correction from 1.6725 became slightly deeper than expected, but we are now looking for support at 1.6592 to protect the downside for a break above minor resistance at 1.6677, which confirms the rally in red wave v towards 1.6792. Once red wave v and black wave iii is in place look for a shallow wave iv correction to 1.6579 before higher again in wave v.
Trading recommendation:
Stay long EUR from 1.6495 and keep you stop at 1.6554, but lift your stop to 1.6600 upon a break above 1.6677. Take profit should be kept at 1.6780. If you are not long EUR yet, then the potential is becomming limited, but buy EUR upon a break above 1.6677 with a close stop at 1.6640 and take profit at 1.6780 could work.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6792
R2: 1.6763
R1: 1.6677
Current Spot: 1.6625
S1: 1.6609
S2: 1.6592
S3: 1.6561
Technical summary:
The expected correction from 1.6725 became slightly deeper than expected, but we are now looking for support at 1.6592 to protect the downside for a break above minor resistance at 1.6677, which confirms the rally in red wave v towards 1.6792. Once red wave v and black wave iii is in place look for a shallow wave iv correction to 1.6579 before higher again in wave v.
Trading recommendation:
Stay long EUR from 1.6495 and keep you stop at 1.6554, but lift your stop to 1.6600 upon a break above 1.6677. Take profit should be kept at 1.6780. If you are not long EUR yet, then the potential is becomming limited, but buy EUR upon a break above 1.6677 with a close stop at 1.6640 and take profit at 1.6780 could work.
The material has been provided by InstaForex Company – www.instaforex.com
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