empty
 
 
09.07.2014 10:36 AM
Elliott wave analysis of EUR/NZD for July 9, 2014

This image is no longer relevant

Today's support and resistance levels:

R3: 1.5528

R2: 1.5494

R1: 1.5475

Current spot: 1.5462

S1: 1.5437

S2: 1.5389

S3: 1.5350

Technical summary:

The unexpected break below 1.5478 has once again revived the downtrend from 1.7274. As we have broken almost all possible support points, now it seems fit to expect a full 100% retracement of the rally from 1.4966 to 1.7274 in a flat correction. It means the last part of the decline clearly lacks momentum. Now, a bottom could be found any time to end the X-wave, which has been unfolding since the 1.7274 high. This has been a very difficulte wave to track and has caused a lot of burned fingers.

Trading recommendation:

Our stop at 1.5470 was hit and we still stay neutral for now.

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 $10000 more!
    In January we raffle $10000 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