Elliott wave analysis of EUR/NZD for June 20, 2014
June 20, 2014 9:10 am
Today’s Support and Resistance levels:
R3: 1.5677
R2: 1.5653
R1: 1.5631
Current spot: 1.5615
S1: 1.5598
S2: 1.5582
S3: 1.5557
Technical summary:
Not much new to add here. The expanded flat correction is still unfolding here and we are still looking for a move closer to 1.5697 before the final decline to 1.5447 is expected. In the short term we will ideally see minor support at 1.5598 protecting the downside for a break above minor resistance at 1.5631 that confirms the move higher towards 1.5697.
Trading recommendation:
We will sell EUR at 1.5690 with our stop placed at 1.5720.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.5677
R2: 1.5653
R1: 1.5631
Current spot: 1.5615
S1: 1.5598
S2: 1.5582
S3: 1.5557
Technical summary:
Not much new to add here. The expanded flat correction is still unfolding here and we are still looking for a move closer to 1.5697 before the final decline to 1.5447 is expected. In the short term we will ideally see minor support at 1.5598 protecting the downside for a break above minor resistance at 1.5631 that confirms the move higher towards 1.5697.
Trading recommendation:
We will sell EUR at 1.5690 with our stop placed at 1.5720.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: