Elliott Wave analysis of EUR/NZD for January 8, 2014
January 8, 2014 8:15 am
Today’s Support and Resistance levels:
R3: 1.6546
R2: 1.6503
R1: 1.6470
Current Spot: 1.6445
S1: 1.6398
S2: 1.6366
S1: 1.6285
Technical summary:
Red wave iv likely ended at 1.6503 and red wave v is likely developing, however, we still need a break below 1.6398 to confirm that red wave v is developing for a decline towards 1.6200. As long as support at 1.6398 protects the downside we could see a new test of 1.6503 with a very slim chance of a move higher towards 1.6546, but that is less likely.
Trading recommendation:
We are short EUR from 1.6470 with stop placed at 1.6600. If you are not short EUR already, then sell a break below 1.6398 with the same stop at 1.6600.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6546
R2: 1.6503
R1: 1.6470
Current Spot: 1.6445
S1: 1.6398
S2: 1.6366
S1: 1.6285
Technical summary:
Red wave iv likely ended at 1.6503 and red wave v is
likely developing, however, we still need a break below 1.6398 to confirm that
red wave v is developing for a decline towards 1.6200. As long as support at
1.6398 protects the downside we could see a new test of 1.6503 with a very slim
chance of a move higher towards 1.6546, but that is less likely.
Trading recommendation:
We are short EUR from 1.6470 with stop placed at 1.6600. If you are not short EUR already, then sell a break below 1.6398 with the same stop at 1.6600.
The material has been provided by InstaForex Company – www.instaforex.com
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