Today's Support and Resistance levels:
R3: 1.6438
R2: 1.6363
R1: 1.6322
Current spot: 1.6264
S1: 1.6201
S2: 1.6151
S3: 1.6097
Technical summary:
The break above resistance at 1.6180 is a game changer. The triangle scenario is clearly invalidated and it is now a question whether we saw an important bottom at 1.5766 or not. If we did see an important low at 1.5766, then expect resistance at 1.6322 to be broken soon. A confirmed (close above) a break above 1.6322 will indicate continuation higher towards 1.6673 and higher. However, if resistance at 1.6322 protects the upside for a break below 1.6097 more downside action should be expected towards 1.5766 and likely even lower towards 1.5566.
Trading recommendation:
Our stop and revers at 1.6185 was hit. We will place stop at 1.6200.
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 29, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for April 29, 2014
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