Today's support and resistance levels:
R3: 1.5706
R2: 1.5650
R1: 1.5617
Current spot: 1.5574
S1: 1.5541
S2: 1.5500
S3: 1.5466
Technical summary:
After a minor decline to 1.5432 (slightly below our expected support at 1.5439) we saw a new powerful rally above resistance at 1.5501 adding even more confidence to a bottom being in place at 1.5398. In the short run, we will be looking for support at 1.5541 for the next rally higher to at least 1.5617 and possibly even higher to 1.5668 before the first minor five wave rally from 1.5398 is over and a correction of the rally from 1.5398 is expected.
Trading recommendations:
We are long in EUR from 1.5425 and will move stop higher to 1.5430 and place take profit at 1.5655. If you are not long in EUR yet, buy near 1.5541 and use the same stop at take profit levels.
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 July 16, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for July 16, 2014
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