empty
 
 
27.06.2013 10:21 AM
Elliott Wave analysis of EUR/NZD for June 27, 2013

This image is no longer relevant

Today's Support and Resistance levels:

R3: 1.6789

R2: 1.6746

R1: 1.6700

Current Spot: 1.6661

S1: 1.6625

S2: 1.6578

S3: 1.6519

Technical overview:

With the break below important support at 1.6825 (top of red wave i) we knew that we had seen the top of black wave v and wave C at 1.7111. Even though we believed that we had more more room towards the upside. We warned that a top could be in place any time, as we had a complete five wave rally from the 1.5080 low. So what can we expect from here? First of all we are likely looking for a corrective X-wave building. The ideal target would be just below 1.6388. Therefore, we will have to switch our mind-set towards a corrective decline rather than an impulsive rally higher. In the short term we expect a minor corrective rally towards 1.6789, from where the next part of the X-wave decline is taking place towards 1.6529.

Trading recommendation:

We are looking for a possibility to sell EUR and will sell at 1.6780 with a stop at 1.6855. We will place our take profit at 1.6550.

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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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