Today's Support and Resistance levels:
R3: 1.6232
R2: 1.6180
R1: 1.6135
Current spot: 1.6087
S1: 1.6058
S2: 1.5998
S3: 1.5926
Technical summary:
The triangle consolidation is still unfolding. We think that we are about to finish the c wave of the triangle near 1.6135 and that a new decline close to 1.5900 should follow in wave d and then the final wave e higher towards 1.6013 and maybe even closer to 1.6095, before this triangle finally comes to an end. Once the triangle is over, we should see a thrust towards the downside for a decline towards 1.5543 to end the very complex correction that has been unfolding since August 2013.
Trading recommendation:
Sell EUR at 1.6130 with a stop and reverse at 1.6185.
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 April 16, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for April 16, 2014
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