Today's Support and Resistance Levels:
R3: 1.6525
R2: 1.6460
R1: 1.6430
Current Spot: 1.6388
S1: 1.6351
S2: 1.6299
S3: 1.6253
Technical Summary:
We do think the triangle X-wave ended with the test of 1.6253, but we do need more evidence in form of a break above resistance at 1.6525. Short-term break above resistance at 1.6388 will be the first good indication, but only a break above important resistance at 1.6525 will confirm the bottom for a rally higher towards 1.6787 and higher. However, as long as resistance at 1.6388 protects the upside one last decline closer to 1.6250 can not be excluded, but we think it is unlikely.
Trading Recommendation:
We bought EUR again at 1.6260 with our stop placed at 1.6210. If you are not long EUR yet, buy after the break above 1.6388 with the same 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 13, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for February 13, 2014
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