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Elliott wave analysis of EUR/NZD for September 2, 2014

2014-09-02-EURNZD-8H.png


Today's support and resistance levels:


R3: 1.5782


R2: 1.5760


R1: 1.5743


Current spot: 1.5721


S1: 1.5709


S2: 1.5701


S3: 1.5690


Technical summary:


The rally above 1.5725 indicates that wave 2 ended early at 1.5646 and wave 3 higher is already developing. In short run, we could see a minor correction towards 1.5683 before the next rally higher to challenge resistance at 1.5782 and a break above here confirms that wave 2 is over, wave 3 is higher to 1.5898, and 1.6203 is developing. It will take an unexpected decline below 1.5646 to alter this count and indicate an even more complex correctin, than it is developing now.


Trading recommendation:


We missed our EUR buy-order at 1.5595, but have instead bought EUR at 1.5725 and will place our stop at 1.5640. If you are not long in EUR yet, then buy EUR near 1.5683 with the same stop at 1.5640.


The material has been provided by InstaForex Company - www.instaforex.com