Today's Support and Resistance levels:
R3: 1.6043
R2: 1.6021
R1: 1.5980
Current spot: 1.5934
S1: 1.5930
S2: 1.5907
S3: 1.5892
Technical summary:
We are still looking for the next impulsive rally higher soon. As we said yesterday a series of waves one and two has likely developed and we should soon see a series of waves three higher. Therefore, we expect a powerful rally soon to confirm that wave iii higher is developing for a rally towards at least 1.6179 and a break above here will confirm the bottom at 1.5744 and that a new long-term impulsive rally is developing.
Trading recommendation:
Stay long in EUR from 1.5858 and keep your stop at 1.5905. If you are not long in EUR yet, then buy near 1.5930 or upon a break above 1.5980 with the same stop at 1.5905.
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 27, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for May 27, 2014
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