Today's Support and Resistance levels:
R3: 1.6043
R2: 1.6004
R1: 1.5960
Current spot: 1.5938
S1: 1.5907
S2: 1.5892
S3: 1.5869
Technical summary:
We have been trading in a very narrow range since yesterday. We are still looking for support at 1.5907 to protect the downside for a new powerful rally above 1.5960 confirming a new rally towards 1.6012 and above towards strong resistance at 1.6179. In the longer term we expect this resistance to be broken too and confirm that a long-term bottom is in place for a rally to 1.7274 and above.
An unexpected break below 1.5907 will delay the upside, but only a break below strong support at 1.5830 will invalidate our bullish count.
Trading recommendation:
Stay long in EUR from 1.5858 and keep your stop at 1.5875. If you are not long in EUR yet, then buy close to 1.5907 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 23, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for May 23, 2014
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