Elliott Wave analysis of EUR/NZD for June 19, 2013
June 19, 2013 8:00 am
Today’s Support and Resistance levels:
R3: 1.6913
R2: 1.6870
R1: 1.6825
Current spot: 1.6768
S1: 1.6742
S2: 1.6710
S3: 1.6669
Technical overview:
We are currently in black wave v higher from the 1.6388 low. Since the low at 1.6388, we have seen an impulsive rally to 1.6825. It marks red wave i and we are currently in red wave ii, which we expect needs one last decline to just below 1.6669 before the next rally higher towards at least 1.7109 and more likely higher towards 1.7372 in an extension in red wave iii. As long as short-term resistance at 1.6825 protects the upside we are expecting the decline towards 1.6669, but a break above 1.6825 indicates that red wave iii is already under way higher.
Trading recommendation:
We are long EUR from 1.6450 with a break-even stop at 1.6450. If you are not long EUR already, then buy close to 1.6669 or upon a break above 1.6825 (one order cancels the other) with a stop at 1.6450 too.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6913
R2: 1.6870
R1: 1.6825
Current spot: 1.6768
S1: 1.6742
S2: 1.6710
S3: 1.6669
Technical overview:
We are currently in black wave v higher from the 1.6388 low. Since the low at 1.6388, we have seen an impulsive rally to 1.6825. It marks red wave i and we are currently in red wave ii, which we expect needs one last decline to just below 1.6669 before the next rally higher towards at least 1.7109 and more likely higher towards 1.7372 in an extension in red wave iii. As long as short-term resistance at 1.6825 protects the upside we are expecting the decline towards 1.6669, but a break above 1.6825 indicates that red wave iii is already under way higher.
Trading recommendation:
We are long EUR from 1.6450 with a break-even stop at 1.6450. If you are not long EUR already, then buy close to 1.6669 or upon a break above 1.6825 (one order cancels the other) with a stop at 1.6450 too.
The material has been provided by InstaForex Company – www.instaforex.com
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