Elliott wave analysis of EUR/NZD for June 30, 2014
June 30, 2014 8:40 am
Today’s Support and Resistance Levels:
R3: 1.5706
R2: 1.5663
R1: 1.5635
Current Spot: 1.5635
S1: 1.5584
S2: 1.5569
S3: 1.5530
Technical Summary:
We saw the first indication of a possible bottom being in place Friday upon the break above 1.5536. However, we still need a break above strong resistance at 1.5706 to confirm the bottom. The rally of the 1.5478 low does look impulsive in character. In short term we will be looking for minor resistance at 1.5663, which should be followed by a minor correction before the next rally to just above 1.5706. This will confirm that we have a firm bottom in place at 1.5478.
Trading Recommendation:
We missed our 1.5445 target slightly and will buy EUR at 1.5585 with a stop at 1.5470.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance Levels:
R3: 1.5706
R2: 1.5663
R1: 1.5635
Current Spot: 1.5635
S1: 1.5584
S2: 1.5569
S3: 1.5530
Technical Summary:
We saw the first indication of a possible bottom being in place Friday upon the break above 1.5536. However, we still need a break above strong resistance at 1.5706 to confirm the bottom. The rally of the 1.5478 low does look impulsive in character. In short term we will be looking for minor resistance at 1.5663, which should be followed by a minor correction before the next rally to just above 1.5706. This will confirm that we have a firm bottom in place at 1.5478.
Trading Recommendation:
We missed our 1.5445 target slightly and will buy EUR at 1.5585 with a stop at 1.5470.
The material has been provided by InstaForex Company – www.instaforex.com
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