Today's support and resistance leves:
R3: 1.5852
R2: 1.5811
R1: 1.5793
Current spot: 1.5814
S1: 1.5758
S2: 1.5743
S3: 1.5725
Technical summary:
The rally of the 1.5714 low is clearly corrective and indicates that we will see one more decline to 1.5699 to end wave a of 2. Once support at 1.5699 has been tested, we should see a minor rally in wave b towards 1.5811 before the final decline in wave c of 2 to 1.5630. However, once wave 2 is in place, we should be looking for a new impulsive rally higher towards at least 1.6205 and possibly even higher.
Trading recommendation:
We took a nice little profit on our long position at 1.5785. We will sell EUR again at 1.5800 with a stop at 1.5825 and take profit at 1.5725.
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 18, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for August 18, 2014
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