Elliott Wave analysis of EUR/NZD for November 7, 2013
November 7, 2013 8:15 am
Today’s Support and Resistance levels:
R3: 1.6289
R2: 1.6248
R1: 1.6187
Current Spot: 1.6170
S1: 1.6149
S2: 1.6105
S3: 1.6070
Technical summary:
We saw a low at 1.6051 yesterday, which very well could mark an important bottom, but we need some confirmation in form of a break above resistance at 1.6241, which would call for acceleration higher towards 1.6349. We could have a possible hidden bullish divergence at the 1.6051 bottom, but we need this divergence to be confirmed, but if it is confirmed, then we should expect a very powerful rally higher, with only very small corrections.
In the short term we would like the support at 1.6149 to protect the downside for the break above important resistance at 1.6241, but only a break below support at 1.6105 will frustrate our bullish view and call for a new test of 1.6051.
Trading recommendation:
You should be long EUR from 1.6057. Lift you stop to 1.6100. If you are not long EUR yet, then buy a break above 1.6241 with the same stop at 1.6100.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6289
R2: 1.6248
R1: 1.6187
Current Spot: 1.6170
S1: 1.6149
S2: 1.6105
S3: 1.6070
Technical summary:
We saw a low at 1.6051 yesterday, which very well could mark an important bottom, but we need some confirmation in form of a break above resistance at 1.6241, which would call for acceleration higher towards 1.6349. We could have a possible hidden bullish divergence at the 1.6051 bottom, but we need this divergence to be confirmed, but if it is confirmed, then we should expect a very powerful rally higher, with only very small corrections.
In the short term we would like the support at 1.6149 to protect the downside for the break above important resistance at 1.6241, but only a break below support at 1.6105 will frustrate our bullish view and call for a new test of 1.6051.
Trading recommendation:
You should be long EUR from 1.6057. Lift you stop to 1.6100. If you are not long EUR yet, then buy a break above 1.6241 with the same stop at 1.6100.
The material has been provided by InstaForex Company – www.instaforex.com
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