Elliott wave analysis of EUR/NZD for November 27 – 2014
November 27, 2014 9:20 am
Today’s support and resistance levels:
R3: 1.5899
R2: 1.5851
R1: 1.5826
Current spot: 1.5796
S1: 1.5788
S2: 1.5763
S3: 1.5737
Technical summary:
We have seen the expected correction towards our target at 1.5805 (the low has been 1.5788) and we will now be looking for a break above minor resistance at 1.5826 as the first indication, that the correction is over, but a break above resistance at 1.5951 and more importantly a break above 1.5899 is needed to confirm that wave c higher to 1.6273 on the way higher to 1.6446 and 1.6800 is unfolding.
Trading recommendation:
We will buy upon a break above minor resistance at 1.5826 with a stop placed at 1.5775.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.5899
R2: 1.5851
R1: 1.5826
Current spot: 1.5796
S1: 1.5788
S2: 1.5763
S3: 1.5737
Technical summary:
We have seen the expected correction towards our target at 1.5805 (the low has been 1.5788) and we will now be looking for a break above minor resistance at 1.5826 as the first indication, that the correction is over, but a break above resistance at 1.5951 and more importantly a break above 1.5899 is needed to confirm that wave c higher to 1.6273 on the way higher to 1.6446 and 1.6800 is unfolding.
Trading recommendation:
We will buy upon a break above minor resistance at 1.5826 with a stop placed at 1.5775.
The material has been provided by InstaForex Company – www.instaforex.com
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