Elliott Wave analysis of EUR/NZD for July 29, 2013
July 29, 2013 9:21 am
Today’s Support and Resistance levels:
R3: 1.6526
R2: 1.6485
R1: 1.6454
Current Spot: 1.6425
S1: 1.6396
S2: 1.6349
S3: 1.6339
Technical overview:
We are still looking for confirmation, that wave ii is over and wave iii higher is ready to take over. The first indication of wave ii being over will be a break above 1.6454 and, more importantly, a break above 1.6486, which will confirm a new impulsive rally above 1.6686 is developing. However, as long as resistance at 1.6454 has not been broken, we must accept the possibility of a deeper wave ii down towards support at 1.6349 and maybe even down to 1.6339, but that outcome is less likely.
Trading recommendation:
We are bought EUR at 1.6411 and have our stop placed at 1.6220, but expect to be able to raise it soon. If you are not long EUR already, then buy near 1.6396 or upon a break above 1.6454 (one order done cancels the other), with the same stop at 1.6220.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6526
R2: 1.6485
R1: 1.6454
Current Spot: 1.6425
S1: 1.6396
S2: 1.6349
S3: 1.6339
Technical overview:
We are still looking for confirmation, that wave ii is over and wave iii higher is ready to take over. The first indication of wave ii being over will be a break above 1.6454 and, more importantly, a break above 1.6486, which will confirm a new impulsive rally above 1.6686 is developing. However, as long as resistance at 1.6454 has not been broken, we must accept the possibility of a deeper wave ii down towards support at 1.6349 and maybe even down to 1.6339, but that outcome is less likely.
Trading recommendation:
We are bought EUR at 1.6411 and have our stop placed at 1.6220, but expect to be able to raise it soon. If you are not long EUR already, then buy near 1.6396 or upon a break above 1.6454 (one order done cancels the other), with the same stop at 1.6220.
The material has been provided by InstaForex Company – www.instaforex.com
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