Today's Support and Resistance levels:
R3: 1.6315
R2: 1.6252
R1: 1.6195
Current spot: 1.6183
S1: 1.6158
S2: 1.6134
S3: 1.6086
Technical summary:
The complex correction that began at 1.7153 in early August last year countinues to frustrate the overall picture. At this point, it is unclear whether the second zig-zag rally has begun or the X-wave correction is still unfolding in the final ending diagonal. Until the overall picture becomes more clear this currency pair should not be traded. As long as resistance at 1.6473 and more importantly resistance at 1.6673 protects the upside the most likely outcome is that an ending diagonal is unfolding towards 1.5913 and maybe even slightly lower. Only a break above 1.6673 will indicate that a more bullish count is unfolding for a possible powerful rally higher.
Trading recommendation:
Stay neutral for now.
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 March 19, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for March 19, 2014
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