Elliott Wave analysis of EUR/NZD for May 15, 2013
May 15, 2013 7:45 amVideo
Latest News
- Market Comment – Dollar slides, gold shines after soft US labor market data May 10, 2024
- Technical Analysis – AUDUSD remains undecided near crucial technical region May 10, 2024
- Technical Analysis – USDCAD slips beneath 20-day SMA May 10, 2024
- USD/JPY: trading tips for beginners for European session on May 10 May 10, 2024
- EUR/USD and GBP/USD: Technical analysis on May 10 May 10, 2024
- Forecast for EUR/USD on May 10, 2024 May 10, 2024
- Forecast for GBP/USD on May 10, 2024 May 10, 2024
- Forecast for AUD/USD on May 10, 2024 May 10, 2024
- Outlook for GBP/USD on May 10. The British pound failed. Or it simply refused May 10, 2024
- Outlook for EUR/USD on May 10. The euro went up for no reason May 10, 2024
- The US dollar stumbled again May 10, 2024
- The euro got away with it May 10, 2024
- Video market update for May 09, 2024 May 9, 2024
- Analysis of EUR/USD pair on May 9th. Euro woke up after the Bank of England meeting May 9, 2024
- Analysis of GBP/USD pair on May 9th. Andrew Bailey did all he could May 9, 2024
- USD/JPY: Simple trading tips for novice traders for May 9th (US session) May 9, 2024
- GBP/USD: Simple trading tips for novice traders for May 9th (US session) May 9, 2024
- EUR/USD: Simple trading tips for novice traders for May 9th (US session) May 9, 2024
- Technical Analysis – GBPUSD retreats further after BoE’s decision May 9, 2024
- Technical Analysis – UK 100 index swings to all-time high May 9, 2024
Today’s Support and Resistance levels:
R3: 1.5860
R2: 1.5814
R1: 1.5767
Current spot: 1.5738
S1: 1.5736
S2: 1.5718
S3: 1.5704
Technical overview:
We keep making new highs, but we still lack the acceleration, that we would normally expect in wave three. We still think that once the real momentum in the ongoing wave iii is released, there should not be any problems with breaking above the base channel resistance line for a very powerful rally higher. Once we have cleared the strong resistance in the 1.5918 – 1.5938 area we should see the top at 1.6359 tested soon after. In the short term we are looking for minor support at 1.5736 to protect the downside for a break above minor resistance at 1.5767 and a break above here confirms the next rally higher. However, if support at 1.5736 is broken, it opens for a slightly deeper correction to 1.5718 before the next rally higher.
Trading recommendation:
We are long EUR from 1.5550 and we lift our stop higher to 1.5645. If you are not long EUR already, then buy here near 1.5736 or upon a break above 1.5767 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: