Elliott wave analysis of EUR/NZD for November 8, 2013
November 8, 2013 6:15 am
Today’s Support and Resistance levels:
R3: 1.6289
R2: 1.6241
R1: 1.6187
Current Spot: 1.6096
S1: 1.6077
S2: 1.6007
S3: 1.5913
Technical summary:
With the break below the invalidation point at 1.6016, we knew our bullish count was wrong and we have now adopted our alternate count as the preferred count. This count call for a wave c of X lower towards 1.5525, before we can expect a new rally higher.
In the short term we expect resistance at 1.6187 to protect the upside for a break below 1.6027, which would call for a new test of 1.5913 on the way lower towards 1.5525. However, if we see a break above 1.6187, we should see secondary resistance at 1.6241 protecting the upside for a new decline. A break above 1.6241 will be very frustrating, but only a break above 1.6349 will prove us wrong.
Trading recommendation:
Our stop at 1.6100 was hit for a small but nice profit. We will now be looking for a new EUR-selling opportunity. Sell EUR at 1.6180 or upon a break below 1.6027 (one order cancels the other) and place your stop at 1.6245.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6289
R2: 1.6241
R1: 1.6187
Current Spot: 1.6096
S1: 1.6077
S2: 1.6007
S3: 1.5913
Technical summary:
With the break below the invalidation point at 1.6016, we knew our bullish count was wrong and we have now adopted our alternate count as the preferred count. This count call for a wave c of X lower towards 1.5525, before we can expect a new rally higher.
In the short term we expect resistance at 1.6187 to protect the upside for a break below 1.6027, which would call for a new test of 1.5913 on the way lower towards 1.5525. However, if we see a break above 1.6187, we should see secondary resistance at 1.6241 protecting the upside for a new decline. A break above 1.6241 will be very frustrating, but only a break above 1.6349 will prove us wrong.
Trading recommendation:
Our stop at 1.6100 was hit for a small but nice profit. We will now be looking for a new EUR-selling opportunity. Sell EUR at 1.6180 or upon a break below 1.6027 (one order cancels the other) and place your stop at 1.6245.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: