empty
 
 
01.11.2013 08:18 AM
Elliott wave analysis of EUR/NZD for November 1, 2013

This image is no longer relevant

Today's Support and Resistance levels:

R3: 1.6515

R2: 1.6487

R1: 1.6461

Current Spot: 1.6433

S1: 1.6390

S2: 1.6356

S1: 1.6312

Technical summary:

Support at 1.6469 was broken without troubles, and we are now close to our next target near 1.6390. We could still see a slightly deeper decline towards 1.6312 as long as resistance at 1.6485 protects the upside, before this wave ii is over and a new powerful rally higher towards 1.7424 is expected as wave iii is developing. In the longer term we are still looking for much higher levels once this new impulsive rally really gets strong development. It should also be remembered that wave 3 is the wave we really want to be exposed as this normally is the longest wave.

Trading recommendation:

Take profit on your short EUR-positions from 1.6610 here at 1.6433 for a profit. Place a new buy order at 1.6325 or upon a break above 1.6485.

Summary
Urgency
Analytic
Torben Melsted
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • 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