empty
 
 
16.09.2014 01:47 PM
Elliott wave analysis of EUR/NZD for September 16 - 2014

This image is no longer relevant

Today's support and resistance levels:

R3: 1.5930

R2: 1.5906

R1: 1.5895

Current spot: 1.5887

S1: 1.5831

S2: 1.5810

S3: 1.5795

Technical summary:

The correction we where looking for is unfolding nicely and we are still looking for this correction to move closer to 1.5766 before terminating and setting the stage for a new strong rally in wave iii higher towards 1.6203 on the way higher to 1.6450. In the short term, we will be looking for a break below minor support at 1.5831 confirming the decline to 1.5766.

Trading recommendation:

We are long in EUR from 1.5550 with stop placed at 1.5750. If you are not long in EUR yet, then buy near 1.5766 with the same stop at 1.5750.

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