Today's support and resistance levels:
R3: 1.5812
R2: 1.5780
R1: 1.5751
Curren spot: 1.5735
S1: 1.5712
S2: 1.5694
S3: 1.5663
Technical summary:
We are still looking for acceleration higher towards at least 1.5812 after the break above the base channel. However, we could easily see a continuation higher towards 261.8% extension of wave i at 1.6041. In the short term, we are looking for minor support at 1.5694 to protect the downside for a break above 1.5751 confirming the next part of the rally to 1.5812.
Trading recommendations:
We are long in EUR from 1.5525 and will move stop higher to 1.5650. If you are not long in EUR yet, then buy near 1.5694 with the same stop at 1.5650.
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 28, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for July 28, 2014
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