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Elliott wave analysis of EUR/NZD for August 25, 2014

2014-08-25-EURNZD-8H.png


Today's support and resistance levels:


R3: 1.5844


R2: 1.5825


R1: 1.5799


Current spot: 1.5771


S1: 1.5767


S2: 1.5735


S3: 1.5693


Technical summary:


We saw the expected decline in wave c of 2 to just below our target at 1.5716 (the low came in at 1.5693). Now, we are looking for a break above resistance at 1.5824 and more importantly a break above resistance at 1.5867 to confirm that wave 3 is developing for a rally towards at least 1.6188 and more likely even higher towards 1.6496 as we should expect extension in wave 3. Short-term support at 1.5767 will ideally protect the downside for the expected break above 1.5824, but only a break below 1.5692 will delay the expected rally in wave 3.


Trading recommendation:


Our patience was honored and we bought EUR at 1.5725 with a stop at 1.5690. If you are not long in EUR yet, then buy near 1.5767 with the same stop at 1.5690.


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