Today's Support and Resistance levels:
R3: 1.6043
R2: 1.6004
R1: 1.5960
Current spot: 1.5946
S1: 1.5938
S2: 1.5907
S3: 1.5892
Technical summary:
Just as it looked like, the wave three was well under way, we saw a "bigger" correction than expected. However, it does not change our overall view of a new impulsive rally developing. We expect that support at 1.5907 will protect the downside for a break above minor resistance at 1.5960 as the first good indication that the next powerful rally towards 1.6179 is developing. However to confirm the rally to 1.6179, we need a break above resistance at 1.6021.
Only an unexpected break below 1.5907 and more important a break below 1.5830 will call for a new test of 1.5730, but this is not our preferred view.
Trading recommendation:
Stay long in EUR from 1.5858 with your stop placed at 1.5875. If you are not long in EUR yet, then buy EUR near 1.5937 or upon a break above 1.5960 with the same stop at 1.5875.
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 22, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for May 22, 2014
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