Today's support and resistance levels:
R3: 1.5757
R2: 1.5845
R1: 1.5825
Current spot: 1.5818
S1: 1.5797
S2: 1.5787
S3: 1.5778
Technical Summary:
We have not really been able to gain any leadway the last couple of days and the reason is, that a wave iv triangle is unfolding. In the short term, we should see a decline close to support at 1.5778 to end the triangle and set-up the final rally higher to 1.5964 to end the first impulsive rally from 1.5398. Once this rally to 1.5964 is over, look for a new decline to 1.5740 and maybe even slightly below before the next impulsive rally should be seen.
Trading recommendation:
We are long in EUR from 1.5710 and will keep our stop at 1.5725. Place take profit at 1.5950. If you are not long in EUR yet, then buy EUR close to 1.5778 with the same stop at 1.5725 and stop profit at 1.5950.
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 August 11, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for August 11, 2014
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