empty
 
 
25.03.2014 11:25 AM
Elliott wave analysis of EUR/NZD for March 25, 2014

This image is no longer relevant

Today's Support and Resistance levels:

R3: 1.6232

R2: 1.6200

R1: 1.6186

Current spot: 1.6178

S1: 1.6152

S2: 1.6123

S3: 1.6086

Technical summary:

Yesterday's rally found strong resistance at 1.6232 for a unexpected deep retracement, which best I counted as an x-wave. We will still be looking for a move higher towards 1.6450 to end wave d of the ending diagonal before the final e-wave lower towards 1.6000. In the short term, we will be looking for support near 1.6141 for the next rally higher towards 1.6188 and a break above here confirms renewed upside pressure towards 1.6232 on the way towards 1.6450. Only an unexpected break below 1.6105 will delay the upside pressure.

Trading recommendation:

Our stop at 1.6145 was hit for a nice little profit. We will buy EUR again at 1.6145 with a stop at 1.6100, and place take profit at 1.6425.

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