Elliott Wave analysis of EUR/NZD for March 1, 2013
Today’s Support and Resistance levels:
S1: 1.5785 R1: 1.5847
S2: 1.5757 R2: 1.5867
S3: 1.5701 R3: 1.5920
We are looking for a very powerful decline, which may unfold soon. A break below 1.5776 will likely be the catalyst for this decline; until we break below 1.5776, we must accept a more or less directionless trading between 1.5776 and 1.5847. But once support at 1.5776 gives away, we will be looking for a decline to at least 1.5638 and will not be surprised to see this levels break without a fight for a continuation lower towards 1.5509. That said, we must be aware of the possibility for a move above 1.5847, but it will likely only be to 1.5867 before the downside pressure takes over again.
We are short EUR from 1.5915 and will move our stop lower to 1.5940. If you are not short EUR yet, then sell near 1.5847 or upon a break below 1.5776 (one order done cancels the other) with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com