Elliott Wave analysis of EUR/NZD for January 17, 2013
Today’s support and resistance levels:
S1: 1.5785 R1: 1.5868
S2: 1.5742 R2: 1.5927
S3: 1.5699 R3: 1.5977
We think that blue wave ii have terminated or is very close to terminate. However, we need a break above 1.5868 to confirm that the next rally higher towards resistance at 1.5977 is underway. It should be broken without much trouble for a continuation higher towards 1.6267, which is the minimum target for blue wave iii. That said, as long as minor resistance at 1.5868 is protecting the upside, there is a risk of a slightly deeper correction towards 1.5742 before this blue wave ii correction finally terminates and blue wave iii takes over.
We are long EUR from 1.5655 with a stop at break-even. If you are not long EUR already you can buy EUR here at 1.5823 or upon a break above 1.5868 with the same stop.
The material has been provided by Instaforex Company – instaforex.com