Today's Support and Resistance levels:
R3: 1.6340
R2: 1.6306
R1: 1.6250
Current spot: 1.6182
S1: 1.6152
S2: 1.6123
S3: 1.6086
Technical summary:
As expected wave b of wave iv of the ending diagonal terminated close to 1.6086 and wave c higher is developing. This c-wave could terminate close to the former top at 1.6232 and if this is the case we should expecte the development of an x-wave towards 1.6152 before the next move higher towards 1.6450. However, a clear break above 1.6232 indicates that wave c will extend, but no matter if wave c extends or a more complex pattern is unfolding a contunation higher towards 1.6450 should be seen before the final wave v lower is expected.
Trading recommendation:
Stay long in EUR from 1.6107 and move your stop higher to 1.6145. Keep you take profit at 1.6425. If you are not long in EUR yet, then buy EUR close to 1.6150 with the same stop at 1.6145 and take profit at 1.6425.
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 24, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for March 24, 2014
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