Today's Support and Resistance levels:
R3: 1.5646
R2: 1.5628
R1: 1.5605
Current spot: 1.5568
S1: 1.5546
S2: 1.5516
S3: 1.5478
Technical summary:
Nothing much to add for this cross. We are still in a small wave ii correction, which should stay above the bottom at 1.5478 for a break above minor resistance at 1.5605 as the first indication that this wave ii correction is over, while a break above resistance at 1.5646 confirms for a new rally to 1.5706 and higher towards 1.5900 and the 1.6100 - 1.6200 area. In the longer term we are look for much higher levels, but first we need to confirm that a firm bottom has been seen at 1.5478.
Trading receommendation:
We are long in EUR from 1.5585 with stop placed at 1.5470. If you are not long in EUR yet, then buy near 1.5558 or upon a break above 1.5605 with the same stop at 1.5470.
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 4, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for July 4, 2014
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