Today's Support and Resistance levels:
R3: 1.6167
R2: 1.6134
R1: 1.6099
Current spot: 1.6056
S1: 1.6049
S2: 1.6018
S3: 1.5983
Technical summary:
With the unexpected break below support at 1.6086, the wave iv correction is turning into an expanded flat correction. In the short term, look for support in the 1.6038 - 1.6049 area for a break above 1.6075 and more importantly a break above resistance at 1.6134 that confirms wave c higher towards 1.6400 is unfolding. Only an unexpected break below 1.6038 will prolong wave b towards 1.6018 and maybe even deeper to 1.5983 before the final impulsive rally in wave c of iv towards 1.6400.
Trading recommendation:
The stop at 1.6100 was hit for a small loss. Buy EUR again here at 1.6056 with a stop at 1.5970 and place your take profit at 1.6375.
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 26, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for March 26, 2014
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