Today's support and resistance levels:
R3: 1.5930
R2: 1.5906
R1: 1.5895
Current spot: 1.5887
S1: 1.5831
S2: 1.5810
S3: 1.5795
Technical summary:
The correction we where looking for is unfolding nicely and we are still looking for this correction to move closer to 1.5766 before terminating and setting the stage for a new strong rally in wave iii higher towards 1.6203 on the way higher to 1.6450. In the short term, we will be looking for a break below minor support at 1.5831 confirming the decline to 1.5766.
Trading recommendation:
We are long in EUR from 1.5550 with stop placed at 1.5750. If you are not long in EUR yet, then buy near 1.5766 with the same stop at 1.5750.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for September 16 - 2014 . Thanks for your support.
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