Today's Support and Resistance levels:
R3: 1.6180
R2: 1.6135
R1: 1.6085
Current spot: 1.6073
S1: 1.6045
S2: 1.6000
S3: 1.5956
Technical summary:
Wave d of the triangle consolidation is currently unfolding. We will ideally see resistance at 1.6122 protect the upside for a break below support at 1.6045 confirming the next part of the decline towards 1.5936 and maybe even lower towards 1.5908, before the final e wave takes over for a rally towards 1.6015. When this triangle consolidation finally comes to an end, we will be looking for a thrust out of the triangle to the downside for a move closer to the ideal target near 1.5536.
Trading recommendation:
Stay short in EUR from 1.6049 with a stop and reverse at 1.6185. If you are not short in EUR yet, then sell near 1.6100 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 23, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for April 23, 2014
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