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19.11.2014 12:22 PM
Elliott wave analysis of EUR/NZD for November 19 - 2014

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Today's support and resistance levels:

R3: 1.6009

R2: 1.5985

R1: 1.5975

Current spot: 1.5955

S1: 1.5950

S2: 1.5922

S3: 1.5914

Technical summary:

The rally of the 1.5680 low is clearly impulsive in character as we expected. This means wave iv ended at 1.5680 and wave v higher to 1.6446 on the way towards 1.6800 is developing. The rally of the 1.5680 will likely move sideways for the next couple of hours before the final rally closer to 1.6009 to end the first impulsive rally. From close to 1.6008, we will be looking for a correction towards 1.5882 and possibly even lower to 1.5839 before the next strong rally higher.

Trading recommendation:

We are long in EUR from 1.5720 and will move our stop higher to 1.5910 and place our take profit at 1.6000.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2025
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