Elliott wave analysis of EUR/NZD for July 25, 2014
July 25, 2014 9:10 am
Today’s support and resistance levels:
R3: 1.5812
R2: 1.5775
R1: 1.5742
Current spot: 1.5706
S1: 1.5681
S2: 1.5659
S3: 1.5618
Technical summary:
With the break above the base-channel, we should expect acceleration towards the upside soon. The next target is at 1.5812, but it could easily move beyond that target. In the short term, we should expect support at 1.5659 and at least support at 1.5618 to protect the downside for the next rally higher to 1.5812.
Trading Recommendations:
We are long in EUR from 1.5525 and will move stop to break even at 1.5525. If you are not long in EUR yet, then buy near 1.5659 or upon a break above 1.5742 with the same stop at 1.5525.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.5812
R2: 1.5775
R1: 1.5742
Current spot: 1.5706
S1: 1.5681
S2: 1.5659
S3: 1.5618
Technical summary:
With the break above the base-channel, we should expect acceleration towards the upside soon. The next target is at 1.5812, but it could easily move beyond that target. In the short term, we should expect support at 1.5659 and at least support at 1.5618 to protect the downside for the next rally higher to 1.5812.
Trading Recommendations:
We are long in EUR from 1.5525 and will move stop to break even at 1.5525. If you are not long in EUR yet, then buy near 1.5659 or upon a break above 1.5742 with the same stop at 1.5525.
The material has been provided by InstaForex Company – www.instaforex.com
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