Elliott wave analysis of EUR/NZD for November 12 – 2014
November 12, 2014 11:25 am
Today’s support and resistance levels:
R3: 1.5897
R2: 1.5874
R1: 1.5857
Current spot: 1.5828
S1: 1.5810
S2: 1.5769
S3: 1.5717
Technical summary:
The very complex consolidation from early October finally found its resolution with the break below support at 1.5903. The break below support at 1.5903 means that the preferred count has shifted to the rare expanded diagonal count. This count call for a continuation lower in wave 4 to 1.5717 before the final strong rally in wave 5 to above 1.6446 ideally closer to 1.6800.
Trading Recommendation:
Our stop at 1.5875 was hit for a small loss. We will wait for a new EUR-buying opportunity near 1.5717.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.5897
R2: 1.5874
R1: 1.5857
Current spot: 1.5828
S1: 1.5810
S2: 1.5769
S3: 1.5717
Technical summary:
The very complex consolidation from early October finally found its resolution with the break below support at 1.5903. The break below support at 1.5903 means that the preferred count has shifted to the rare expanded diagonal count. This count call for a continuation lower in wave 4 to 1.5717 before the final strong rally in wave 5 to above 1.6446 ideally closer to 1.6800.
Trading Recommendation:
Our stop at 1.5875 was hit for a small loss. We will wait for a new EUR-buying opportunity near 1.5717.
The material has been provided by InstaForex Company – www.instaforex.com
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