empty
 
 
18.06.2013 09:00 AM
EUR/NZD Elliott Wave analysis for June 18, 2013

This image is no longer relevant

Today's support and resistance levels:

R3: 1.6864

R2: 1.6800

R1: 1.6759

Current spot: 1.6725

S1: 1.6670

S2: 1.6629

S3: 1.6595

Technical overview:

With the break above important short-term resistance at 1.6590, we had the confirmation we needed to say that we did see the bottom of wave iv at 1.6388 and wave v higher towards the ideal target near 1.7640 is now developing. In the short term, we now find support at 1.6651 and strong support at 1.6595, which ideally will hold for the next rally higher towards our next targets 1.6913 and 1.6983, but they should just be small bumps on the way higher towards our ideal target near 1.7640.

Trading recommendation:

We long EUR at 1.6450 and will move our stop higher to break-even at 1.6450. If you do not have long positions on EUR yet, then buy near 1.6651 or upon a break above 1.6754 with a stop at 1.6450 too.

Summary
Urgency
Analytic
Torben Melsted
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback