Today's Support and Resistance levels:
R3: 1.6476
R2: 1.6419
R1: 1.6348
Cureent spot: 1.6309
S1: 1.6287
S2: 1.6238
S3: 1.6214
Technical summary:
The break below support at 1.6344 indicates that a more complex correction is unfolding, than we expected. Wave E is allowed to decline to support at 1.6214 but it can not break below this support as that will invalidate the triangle scenario. In the short term we expect resistance at 1.6344 (former support has turned to resistance) will protect the upside for one last decline closer to 1.6238 before wave E finally is in place.
Trading recommendation:
Our stop at 1.6346 was hit for a loss. We will buy EUR again at 1.6260 and place our stop at 1.6210.
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 February 12, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for February 12, 2014
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