Today's support and resistance levels:
R3: 1.5848
R2: 1.5825
R1: 1.5790
Current spot: 1.5738
S1: 1.5729
S2: 1.5705
S3: 1.5700
Technical summary:
The correction from 1.5829 is still unfolding and we are looking for a decline closer to 1.5705, before the next impulsive rally higher through 1.5829 is expected for a continuation higher to 1.5900 and possibly even to 1.6042.
In the longer term, we are looking for much higher levels.
Trading recommendation:
We will buy EUR 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 5, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for August 5, 2014
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