Today's Support and Resistance levels:
R3: 1.6136
R2: 1.6083
R1: 1.5972
Current spot: 1.5918
S1: 1.5898
S2: 1.5875
S3: 1.5853
Technical summary:
As expected we have seen support at 1.5830 protecting the downside for a break above resistance at 1.5910, which indicates that a long-term important bottom is in place at 1.5730. However, to confirm the long-term bottom, we still need a break above strong resistance at 1.6179, but once broken there should be no more doubt and we should be looking for a long-term impulsive rally that ultimately will take out the former top at 1.7274.
In the short term we expect support near 1.5898 to protect the downside.
Trading recommendation:
Stay long in EUR from 1.5858 and raise your stop to 1.5830. If you are not long in EUR yet, then buy EUR near 1.5898 with the same stop at 1.5830.
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 May 20, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for May 20, 2014
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