Today's Support and Resistance levels:
R3: 1.6752
R2: 1.6690
R1: 1.6629
Current spot: 1.6600
S1: 1.6564
S2: 1.6516
S1: 1.6492
Technical summary:
We have seen the expected correction into the correction area of 1.6462 - 1.6493 with a low at 1.6492. It looks as the ongoing red wave iv correction is a flat correction; therefore, we should see one more decline towards 1.6492 maybe slightly below before the next rally higher to 1.6792 in red wave v and black wave v.
In the short term we should see minor resistance at 1.6629 protecting the upside for a break below 1.6564 towards 1.6492.
Trading recommendation:
We will buy EUR at 1.6495 with a stop at 1.6340.
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 January 27, 2014 . Thanks for your support on Elliott Wave Analysis of EUR/NZD for January 27, 2014
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