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Elliott wave analysis of EUR/NZD for November 17 - 2014

2014-11-17-EURNZD-8H.png


Tody's support and resistance levels:


R3: 1.5877


R2: 1.5833


R1: 1.5792


Current spot: 1.5785


S1: 1.5742


S2: 1.5717


S3: 1.5705


Technical summary:


We are still looking for the final spike lower to the ideal target at 1.5705 to end wave 4 and set the stage for a strong rally in wave 5 higher towards 1.6446 on the way to 1.6800. Short term, we could see a small new rally to 1.5877 or maybe even slightly above before the final decline to 1.5705. In the short run, a break below 1.5746 will indicate that a spike towards 1.5705 is unfolding.


Trading recommendation:


We are still looking to buy EUR at 1.5720 with a stop at 1.5520.


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