Today's suppoert and resistance levels:
R3: 1.5900
R2: 1.5868
R1: 1.5812
Current spot: 1.5773
S1: 1.5745
S2: 1.5730
S3: 1.5722
Technical summary:
Not much news to add here. We have seen a very narrow trading range since yesterday, where we were trading between 1.5722 - 1.5804. We are still looking for a break above the extension target at 1.5811 for a continuation higher to 1.5900 and likely even higher to 1.6041. At this point, only a break below minor support at 1.5722 will delay the expected upside rally.
Trading recommendation:
We are long in EUR from 1.5525 and will move our stop higher to 1.5715. If you are not long in EUR yet, then buy EUR near 1.5745 with the same stop at 1.5715.
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 31, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for July 31, 2014
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