Today's Support and Resistance Levels:
R3: 1.6232
R2: 1.6180
R1: 1.6135
Current Spot: 1.6128
S1: 1.6097
S2: 1.6055
S3: 1.5989
Technical Summary:
We are still looking for wave d of the triangle consolidation lower towards the area between 1.5908 to 1.5936. Ideally resistance at 1.6135 will protect the upside for a break below support at 1.6097 confirming the decline towards 1.5936 and maybe even slightly lower before the final wave e towards 1.6122 to end the triangle consolidation that has dominated the picutre over the last couple of weeks.
Trading Recommendation:
Stay short EUR from 1.6049 with a stop and reverse at 1.6185. If you are not short EUR yet, then sell EUR at 1.6130 or upon a break below 1.6097 with the same 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 21, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for April 21, 2014
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