empty
 
 
08.08.2014 09:04 AM
Elliott wave analysis of EUR/NZD for August 8, 2014

This image is no longer relevant

Today's support and resistance levels:

R3: 1.5868

R2: 1.5846

R3: 1.5838

Current spot: 1.5817

S1: 1.5802

S2: 1.5787

S3: 1.5768

Technical summary:

Once again, the correction from 1.5867 became slightly deeper than expected, but this is not uncommon in the beginning of a new impulsive trend. Nothing has changed in the bigger picture and it should just be a question of time before the next impulsive rally takes out resistance at 1.5867 for a rally to at least 1.5900 and likely even higher to 1.6200.

Short-term support will be found at 1.5802, which ideally will protect the downside for the break above 1.5867 confirming that the next impulsive rally is developing.

Trading recommendation:

We are long in EUR from 1.5710. We will move our stop higher to 1.5725. If you are not long in EUR yet, then buy near 1.5802 with the same stop at 1.5725.

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