Today's support and resistance levels:
R3: 1.5808
R2: 1.5793
R1: 1.5778
Current spot: 1.5759
S1: 1.5749
S2: 1.5740
S3: 1.5726
Technical summary:
We have been looking for a correction towards support near 1.5707. Till now, we have seen a low at 1.5716, but we still think that a little more downside is needed before wave 2 is considered to be over. In the short term, we could see a move slightly closer to 1.5793 before the next downside pressure is expected. Only an unexected break above resistance at 1.5815 will indicate, that wave 2 is already in place and a new rally to above 1.5898 is developing.
Trading recommendation:
We bought EUR at 1.5715 and will move our stop higher to 1.5735 and take profit at 1.5785. I hope to getting one more chance to buy near 1.5707.
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 15, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for August 15, 2014
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