Elliott Wave Analysis of EUR/NZD for September 2, 2013
September 2, 2013 8:45 am
Today’s Support and Resistance Levels:
R3: 1.7116
R2: 1.7071
R3: 1.7013
Current Spot: 1.6954
S1: 1.6943
S2: 1.6912
S3: 1.6869
Technical Summary:
Minor wave four of the c wave became it self an complex expanded flat correction, with a b-wave low at 1.6960 and a c-wave high at 1.7116. The big question whether wave five of c is in place at 1.6943 or we need a little more downside pressure towards 1.6912 or even 1.6869 in its extreme? Before the c-wave of the larger expanded flat wave ii correction is finally over. A break above minor resistance at 1.7013 will be the first indication, that wave has ended, while a break above 1.7116 is needed to confirm the final low and that wave iii higher towards 1.7239 and 1.7800 is developing. Longer term we are still looking for much higher levels in this cross.
Trading Recommendation:
If you are long EUR from 1.7066, then stay long with a stop at 1.6800. If you are not long EUR yet, then buy close to 1.6912 or upon a break above 1.7116 (one order done cancels the other) and use the same stop at 1.6800.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance Levels:
R3: 1.7116
R2: 1.7071
R3: 1.7013
Current Spot: 1.6954
S1: 1.6943
S2: 1.6912
S3: 1.6869
Technical Summary:
Minor wave four of the c wave became it self an complex expanded flat correction, with a b-wave low at 1.6960 and a c-wave high at 1.7116. The big question whether wave five of c is in place at 1.6943 or we need a little more downside pressure towards 1.6912 or even 1.6869 in its extreme? Before the c-wave of the larger expanded flat wave ii correction is finally over. A break above minor resistance at 1.7013 will be the first indication, that wave has ended, while a break above 1.7116 is needed to confirm the final low and that wave iii higher towards 1.7239 and 1.7800 is developing. Longer term we are still looking for much higher levels in this cross.
Trading Recommendation:
If you are long EUR from 1.7066, then stay long with a stop at 1.6800. If you are not long EUR yet, then buy close to 1.6912 or upon a break above 1.7116 (one order done cancels the other) and use the same stop at 1.6800.
The material has been provided by InstaForex Company – www.instaforex.com
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