Elliott wave analysis of EUR/NZD for June 17, 2014
June 17, 2014 11:45 am
Today’s Support and Resistance levels:
R3: 1.5753
R2: 1.5704
R1: 1.5679
Current spot: 1.5660
S1: 1.5639
S2: 1.5614
S3: 1.5565
Technical summary:
Blue wave iv did become more complex as we expected. However, with the return to 1.5683 blue wave iv could be over any time now, which a break below 1.5634 will confirm calling for a continuation lower in blue wave v towards 1.5447 with the possiblility of a move even lower to 1.5296 if blue wave v extends.
As long as minor support at 1.5634 protects the downside, we could still see a move slightly above 1.5683, but do not expect too much.
Trading recommendation:
We will sell here at 1.5660 with a stop at 1.5700 and place take profit at 1.5465.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.5753
R2: 1.5704
R1: 1.5679
Current spot: 1.5660
S1: 1.5639
S2: 1.5614
S3: 1.5565
Technical summary:
Blue wave iv did become more complex as we expected. However, with the return to 1.5683 blue wave iv could be over any time now, which a break below 1.5634 will confirm calling for a continuation lower in blue wave v towards 1.5447 with the possiblility of a move even lower to 1.5296 if blue wave v extends.
As long as minor support at 1.5634 protects the downside, we could still see a move slightly above 1.5683, but do not expect too much.
Trading recommendation:
We will sell here at 1.5660 with a stop at 1.5700 and place take profit at 1.5465.
The material has been provided by InstaForex Company – www.instaforex.com
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