empty
 
 
12.02.2014 11:27 AM
Elliott wave analysis of EUR/NZD for February 12, 2014

This image is no longer relevant

Today's Support and Resistance levels:

R3: 1.6476

R2: 1.6419

R1: 1.6348

Cureent spot: 1.6309

S1: 1.6287

S2: 1.6238

S3: 1.6214

Technical summary:

The break below support at 1.6344 indicates that a more complex correction is unfolding, than we expected. Wave E is allowed to decline to support at 1.6214 but it can not break below this support as that will invalidate the triangle scenario. In the short term we expect resistance at 1.6344 (former support has turned to resistance) will protect the upside for one last decline closer to 1.6238 before wave E finally is in place.

Trading recommendation:

Our stop at 1.6346 was hit for a loss. We will buy EUR again at 1.6260 and place our stop at 1.6210.

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