Today's Support and Resistance levels:
R3: 1.6643
R2: 1.6599
R1: 1.6558
Current spot: 1.6491
S1: 1.6492
S2: 1.6463
S3: 1.6410
Technical summary:
We have seen the expected decline towards support at 1.6492 to finish the flat correction, which has developed the last couple of days. Once this flat correction is finished, we should expect a new rally higher towards 1.6792 in red wave v.
In the short term we could see a slightly deeper correction towards 1.6463 as long as resistance at 1.6558 protects the upside, but from 1.6463 or upon a break above 1.6558 we should see a new rally higher towards the ideal red wave v target at 1.6792.
Trading recommendation:
We are long in EUR from 1.6495 with a stop at 1.6340. If you are not long in EUR yet, then buy EUR near 1.6463 or upon a break above 1.6558 with the same 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 28, 2014 . Thanks for your support on Elliott Wave Analysis of EUR/NZD for January 28, 2014
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