Today's Support and Resistance levels:
R3: 1.6135
R2: 1.6122
R1: 1.6077
Current spot: 1.6049
S1: 1.6026
S2: 1.5988
S3: 1.5927
Technical summary:
Red wave c of the triangle ended at 1.6122 and red wave d is now unfolding. The ideal target area for red wave d is between 1.5908 and 1.5936, from where the final red wave e should be seen. In the short term we will be looking for resistance at 1.6069 protecting the upside for a break below 1.6026 and more importantly below support at 1.5988, which will confirm that red wave c has ended at 1.6122 and that red wave d is developing.
Trading recommendation:
We missed our sale of EUR at 1.6130 by a fraction. We will sell EUR here at 1.6049 with a stop and reverse placed 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 17, 2017 . Thanks for your support on Elliott wave analysis of EUR/NZD for April 17, 2017
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