Today's Support and Resistance levels:
R3:1.5641
R2: 1.5597
R1: 1.5580
Current spot: 1.5550
S1: 1.5500
S2: 1.5470
S3: 1.5447
Technical summary:
Blue wave iv seems to have ended early and the finla blue wave v lower towards the ideal target near 1.5447 could already be developing. In the short term we would likely to see minor resistance at 1.5580 protecting the upside for a clear break below 1.5550 for a continuation lower to 1.5500 and the ideal target at 1.5447. Please be aware, that we have entered the final decline and once a bottom is in place we should see a impulsive move higher.
Trading receommendation:
We missed our sell point at 1.5660 and will instead look for a buying opportunity near 1.5447.
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 June 23, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for June 23, 2014
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