Elliott Wave analysis of EUR/NZD for January 9, 2014 Trend News

Today's Support and Resistance level:

R3: 1.6546

R2: 1.6518

R1: 1.6503

Current Spot: 1.6458

S1: 1.6439

S2: 1.6413

S3: 1.6368

Technical summary:

The failure to clearly break below support at 1.6366 indicates, that a more complex correction is taking place. We are looking for an expanded flat correction, which will like take us up to 1.6518 before the next downside pressure can be expected. We are still looking for red wave v to take us down to 1.6200.

In the longer term we are looking for even lower levels in the ongoing wave C, which ideally will take us to 1.5793.

Trading recommendation:

Close short positions from 1.6470 here at 1.6460 for a small profit. Sell EUR again at 1.6515 with a stop at 1.6580.

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



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