empty
 
 
10.04.2014 09:36 AM
Elliott wave analysis of EUR/NZD for April 10, 2014

This image is no longer relevant

Today's Support and Resistance levels:

R3: 1.5979

R2: 1.5923

R1: 1.5905

Current spot: 1.5877

S1: 1.5848

S2: 1.5824

S3: 1.5774

Technical summary:

We expected that the small correction from 1.5855 was over, but it turned into the more complex expanded flat correction for a final rally towards 1.5980. This has changed our count slightly, but we should soon see the next powerful decline towards at least 1.5779 and more likely lower towards 1.5655 in green wave iii. In the short term look for minor resistance at 1.5905 to protect the upside for a break below 1.5848 to confirm the decline to 1.5779 and lower.

Trading recommendation:

Our short position from 1.5860 hit the stop at 1.5900 for a small loss. We will sell EUR again here at 1.5877 with a stop at 1.5985, but we will lower the stop to 1.5910 upon a break below 1.5848.

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