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Elliott wave analysis of EUR/NZD for November 27 - 2014

2014-11-27-EURNZD-8H.png


Today's support and resistance levels:


R3: 1.5899


R2: 1.5851


R1: 1.5826


Current spot: 1.5796


S1: 1.5788


S2: 1.5763


S3: 1.5737


Technical summary:


We have seen the expected correction towards our target at 1.5805 (the low has been 1.5788) and we will now be looking for a break above minor resistance at 1.5826 as the first indication, that the correction is over, but a break above resistance at 1.5951 and more importantly a break above 1.5899 is needed to confirm that wave c higher to 1.6273 on the way higher to 1.6446 and 1.6800 is unfolding.


Trading recommendation:


We will buy upon a break above minor resistance at 1.5826 with a stop placed at 1.5775.


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