Today's support and resistance levels:
R3: 1.5888
R2: 1.5871
R1: 1.5848
Current spot: 1.5833
S1: 1.5795
S2: 1.5777
S1: 1.5748
Wave b of 2 has extended close to the wave 1 top at 1.5898 (the high has been 1.5888). It means a flat correction is unfolding and we should still see wave c of 2 lower to just below 1.5715 before a strong wave 3 will be ready to take over for a rally towards at least 1.6205. In the short run, we expect minor resistance at 1.5871 will protect the upside for a break below minor support at 1.5795 confirming the decline to just below 1.5715 to end wave c of 2.
Trading recommendation:
We are looking for a EUR buying opportunity at 1.5715 or upon a break above 1.5898.
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 20, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for August 20, 2014
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