Today's support and resistance levels:
R3: 1.5830
R2: 1.5800
R1: 1.5764
Current spot: 1.5744
S1: 1.5714
S2: 1.5692
S3: 1.5663
Technical summary:
Key resistance at 1.5867 rejected prices again. We have seen an unexpected deep correction. But as long as important support at 1.5692 protects the downside, we regard this decline as part of a new impulsive rally to above key resistance at 1.5867. In the short term, we would like to see a break above 1.5764 and more importantly above 1.5816 for a new strong test of 1.5867, but only a clear break above here unlocks the upside potential. On the other side, only an unexpected break below 1.5692 will delay the expected upside pressure for a move closer to 1.5663.
Trading recommendation:
We are long in EUR at 1.5725 with stop place at 1.5690. If you are not long in EUR yet, then buy a break above 1.5764 or above 1.5867 with the same stop at 1.5690.
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 27, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for August 27, 2014
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