empty
 
 
19.07.2013 10:16 AM
Elliott Wave analysis of EUR/NZD for July 19, 2013

This image is no longer relevant

Today's Support and Resistance levels:

R3: 1.6685

R2: 1.6633

R1: 1.6613

Current Spot: 1.6598

S1: 1.6590

S2: 1.6570

S3: 1.6558

Technical overview:

The minor road-map we laid out yesterday has pretty much described the price action. However, the decline from the top at 1.6685 (we expected a top at 1.6675) was deeper than our expected 1.6603 as we have seen a low at 1.6565. The rally from 1.6557 to 1.6685 was a five wave pattern and therefore we have counted it as the first minor wave of red wave iii higher towards 1.7248. If this count is correct, then we must allow for a 100% retracement of this minor wave one, but we cannot allow just a single pip below 1.5758 as that would force to adjust our present count. That said, we still expect support at 1.6565 to protect the downside for a break above minor resistance at 1.6633 and a break here will confirm the bottom for a rally back to 1.6685 and higher towards 1.6762 and 1.6817 on the way towards 1.7248.

Trading recommendation:

We bought EUR at 1.6610 with a stop at 1.6550. If you are not long EUR already, then buy a break above 1.6633 with the same stop at 1.6550.

Summary
Urgency
Analytic
Torben Melsted
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $6000 más!
    ¡En Diciembre, sorteamos $6000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback