logo

FX.co ★ Elliott wave analysis of EUR/NZD for September 19 - 2014

Elliott wave analysis of EUR/NZD for September 19 - 2014

Elliott wave analysis of EUR/NZD for September 19 - 2014

Today's support and resistance levels:

R3: 1.5877

R2: 1.5856

R1: 1.5827

Current spot: 1.5821

S1: 1.5790

S2: 1.5772

S3: 1.5765

Technical summary:

The correction from 1.5949 has turned out to be more complex than first anticipated. We could see a move slightly lower to 1.5765 before the next impulsive rally higher is expected. In the short term, a break above minor resistance at 1.5847 and more importantly a break above 1.5900 will indicate, that the correction is over for a new strong rally higher towards 1.6203 and 1.6450 longer term.

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 1.5765 with the same stop at 1.5750.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account