Elliott wave analysis of EUR/NZD for July 23, 2014
July 23, 2014 9:05 am
Today’s support and resistance levels:
R3: 1.5573
R2: 1.5539
R1: 1.5513
Current spot: 1.5487
S1: 1.5485
S2: 1.5465
S3: 1.5447
Technical summary:
As resistance at 1.5598 protected the upside, the correction from 1.5627 went for the lower part of the correction target area near 1.5485. When this support is tested, the wave ii correction has fulfilled its requirements and should soon see a rally above minor resistance at 1.5553 and more importantly a break above resistance at 1.5598 confirming that wave iii is developing for a rally to at least 1.5885 and possibly even higher.
Trading recommendations:
We are long in EUR from 1.5525 with stop placed at 1.5395. If you are not long in EUR yet, then buy EUR here or upon a break above 1.5553 with the same stop at 1.5395.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.5573
R2: 1.5539
R1: 1.5513
Current spot: 1.5487
S1: 1.5485
S2: 1.5465
S3: 1.5447
Technical summary:
As resistance at 1.5598 protected the upside, the correction from 1.5627 went for the lower part of the correction target area near 1.5485. When this support is tested, the wave ii correction has fulfilled its requirements and should soon see a rally above minor resistance at 1.5553 and more importantly a break above resistance at 1.5598 confirming that wave iii is developing for a rally to at least 1.5885 and possibly even higher.
Trading recommendations:
We are long in EUR from 1.5525 with stop placed at 1.5395. If you are not long in EUR yet, then buy EUR here or upon a break above 1.5553 with the same stop at 1.5395.
The material has been provided by InstaForex Company – www.instaforex.com
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