Today's Support and Resistance levels:
R3: 1.5860
R2: 1.5814
R1: 1.5767
Current spot: 1.5738
S1: 1.5736
S2: 1.5718
S3: 1.5704
Technical overview:
We keep making new highs, but we still lack the acceleration, that we would normally expect in wave three. We still think that once the real momentum in the ongoing wave iii is released, there should not be any problems with breaking above the base channel resistance line for a very powerful rally higher. Once we have cleared the strong resistance in the 1.5918 - 1.5938 area we should see the top at 1.6359 tested soon after. In the short term we are looking for minor support at 1.5736 to protect the downside for a break above minor resistance at 1.5767 and a break above here confirms the next rally higher. However, if support at 1.5736 is broken, it opens for a slightly deeper correction to 1.5718 before the next rally higher.
Trading recommendation:
We are long EUR from 1.5550 and we lift our stop higher to 1.5645. If you are not long EUR already, then buy here near 1.5736 or upon a break above 1.5767 with the same stop.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Elliott Wave analysis of EUR/NZD for May 15, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for May 15, 2013
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