Today's Support and Resistance levels:
R3: 1.6018
R2: 1.5992
R1: 1.5975
Current spot: 1.5959
S1: 1.5920
S2: 1.5837
S3: 1.5766
Technical summary:
With the break below support at 1.5975, the battle between the bulls and the bears was decided and the bears won. We should now see support at 1.5975 to protect the upside for a continuation lower towards 1.5766 and lower towards 1.5653 as the most likely downside target. We could still see a move closer to 1.5566 if red wave v extends, but at this point it is less likely. Only a break above 1.6113 will indicate that a bottom is already in place.
Trading receommendation:
Stay short in EUR from 1.6195 and move your stop lower to 1.6050 and place take profit and revers of the position at 1.5785.
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 6, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for May 6, 2014
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