Today's Support and Resistance Levels:
R3:141.87
R2: 141.29
R1: 141.04
Current Spot: 140.67
S1: 140.30
S2: 139.59
S3: 139.59
Technical Summary:
Over the last couple of days a minor b-wave triangle has been unfolding locking the price action into an ever more narrowing range. However, the triangle should be close to terminating and a break towards the upside should be seen for a move closer to the ideal target at 142.26 in wave c. Once this c-wave is done we should expect renewed downside pressure, as the longer term corrective target for the entire rally from 94.10 to 145.69 is at 126.00.
EUR/NZD
Today's Support and Resistance Levels:
R3: 1.6624
R2: 1.6558
R1: 1.6509
Current Spot: 1.6488
S1: 1.6467
S2: 1.6445
S3: 1.6410
Technical Summary:
As expected the c-wave decline towards the ideal target at 1.6445 has been seen. With a low at 1.6460 the bottom could be in place, but to confirm that a break above minor resistance at 1.6509 is needed. However, as long as minor resistance at 1.6509 protects the upside there is a possibility that we could see one last decline close to the ideal target at 1.6445 before wave 2 terminates and new impulsive rally higher towards at least 1.7141.
It broke 1.6509. Time for a rally? Would you mind suggesting a suitable entry point and SL?
ReplyDeleteHi Eric,
DeleteI do think that a new uptende is unfolding. I would have bougt EUR upon a break above 1.6509. As we already have seen this break I would wait to buy EUR upon a break above 1.6533 with a stop at 1.6455. If resistance at 1.6533 protects the upside for a move closer to 1.6445 I would buy near 1.6455 with a stop at 1.6250 expecting to raise the stop fairly quickly.
This is how I would trade this cross with the evidence we have currently.
Kind regards
EWS