Today's support and resistance levels:
R3: 1.5830
R2: 1.5782
R1: 1.5755
Current spot: 1.5744
S1: 1.5714
S2: 1.5692
S3: 1.5663
Technical summary:
We are at the exact same level as yesterday. We are still looking for important support at 1.5692 to protect the downside for a break above minor resistance at 1.5755 and more importantly a break above resistance at 1.5782. This should support a strong rally above the top of wave 1 at 1.5886 for a continuation higher to 1.6203 on the way higher towards at least 1.6503. Only an unexpected break below 1.5692 will delay the expected rally for a more complex correction unfolding.
Trading recommendation:
We are long in EUR from 1.5725 with stop placed at 1.5690. If you are not long in EUR yet, then buy EUR near 1.5692 or upon a break above 1.5755 with the same top 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 28, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for August 28, 2014
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