Today's support and resistance levels:
R3: 1.5848
R2: 1.5825
R1: 1.5790
Current spot: 1.5782
S1: 1.5752
S2: 1.5792
S3: 1.5705
Technical summary:
We saw an unexpected rejection from 1.5812, which indicates that a slightly bigger correction towards 1.5705 is needed. However, once this correction is over, we should renew strength higher through 1.5829 for a move towards 1.6205 and higher in a longer term.
Trading recommendation:
Our stop at 1.5750 was hit for a nice profit. We will buy EUR again at 1.5710 with stop placed at 1.5600.
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 4, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for August 4, 2014
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