Today's support and resistance levels:
R3: 1.5657
R2: 1.5628
R1: 1.5598
Current spot: 1.5581
S1: 1.5553
S2: 1.5540
S3: 1.5510
Technical summary:
We are currently looking for a break above minor resistance at 1.5598 as confirmation that the next impulsive rally higher to 1.5885 is developing. However, as long as this minor resistance at 1.5598 is able to protect the upside, we will have to allow for a new test of 1.5510 and maybe even slightly lower to 1.5484, but this is not our preferred outcome at this point.
Trading recommendations:
We are long in EUR from 1.5525 with stop placed at 1.5395. If you are not long in EUR yet, then buy EUR near 1.5485 or upon a break above 1.5598 with the same stop at 1.5395.
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 22, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for July 22, 2014
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