Today's Support and Resistance Levels:
R3: 133.48
R2: 132.98
R1: 132.62
Current Spot: 132.38
S1: 132.13
S2: 131.98
S3: 131.64
Technical Summary:
The correction I expected went a little deeper than the ideal 132.25, but that does not change the overall bullish outlook. Short term I'm looking for 132.13 to protect the downside for a break above 132.62 as the first indication, that this correction is over and that the next impulsive rally is building. However, we need a break above 132.98 to confirm this rally higher towards 133.48 and 135.26 on the way higher towards 137.45.
That said, we have to accept the possibility of an even deeper correction towards 131.98 and even 131.64 as long as resistance at 132.62 protects the upside. This is not my preferred outlook, but a possibility.
Today's Support and Resistance Levels:
R3: 1.6561
R2: 1.6492
R1: 1.6462
Current Spot:1.6442
S1: 1.6418
S2: 1.6387
S3: 1.6346
Technical Summary:
We finally cleared resistance at 1.6418 confirming, that we did see wave ii end at 1.6219 and that wave iii higher towards at least 1.6565 and more likely towards the S/H/S target at 1.6815 is developing. Longer term I'm looking for a new test of the former high at 1.7274 and even higher.
Short term I expect the former resistance at 1.6418, which has now turned into support, to protect the downside for a break above 1.6462, that confirms that the next part of wave iii is developing. Only a break below 1.6386 will be frustrating to my bullish count.
Hello Ews,
ReplyDeleteAs eur/nzd broken the 1.6386 the bullish count is invalid as u said.So what we can expect from here?A new downmove trend begins or the bullish scenario with a take profit at 1.72++ will delay a little more?
Thanks in advance,
Panos
Hi Panos,
DeleteI think the later is correct. The bullish rally has just been delayed.
Kind regards
EWS