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Elliott wave analysis of EUR/NZD for September 04, 2014

2014-09-04-EURNZD-8H.png


Today's support and resistance levels:


R3: 1.5833


R2: 1.5810


R1: 1.5787


Current spot: 1.5776


S1: 1.5761


S2: 1.5740


S3: 1.5718


Technical summary:


We have seen the expcted correction lower from the 1.5833 high. We should be ready for a new rally any time now. In the short term, a break above minor resistance at 1.5810 will indicate, that the correction is over and a new strong rally above 1.5899 is building for a rally towards the next major upside target at 1.6203. Only if minor resistance manages to protect the upside, a slightly deeper correction should be expected towards the 1.5718 - 1.15728 area.


Trading recommendation:


We are long in EUR from 1.5725 and will keep our stop at 1.5640. If you are not long in EUR yet, then buy close to 1.5761 or upon a break above 1.5810 with the same stop at 1.5640.


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