empty
 
 
23.05.2014 12:31 PM
Elliott wave analysis of EUR/NZD for May 23, 2014

This image is no longer relevant

Today's Support and Resistance levels:

R3: 1.6043

R2: 1.6004

R1: 1.5960

Current spot: 1.5938

S1: 1.5907

S2: 1.5892

S3: 1.5869

Technical summary:

We have been trading in a very narrow range since yesterday. We are still looking for support at 1.5907 to protect the downside for a new powerful rally above 1.5960 confirming a new rally towards 1.6012 and above towards strong resistance at 1.6179. In the longer term we expect this resistance to be broken too and confirm that a long-term bottom is in place for a rally to 1.7274 and above.

An unexpected break below 1.5907 will delay the upside, but only a break below strong support at 1.5830 will invalidate our bullish count.

Trading recommendation:

Stay long in EUR from 1.5858 and keep your stop at 1.5875. If you are not long in EUR yet, then buy close to 1.5907 or upon a break above 1.5960 with the same stop at 1.5875.

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