Today's support and resistance levels:
R3: 1.5949
R2: 1.5922
R1: 1.5896
Current spot: 1.5880
S1: 1.5865
S2: 1.5844
S3: 1.5818
Technical summary:
We are still looking for confirmation, that the underlying uptrend has been resumed for a rally towards 1.6203 and the way higher to 1.6450 as the next major upside targets. In the short term, we will ideally see support at 1.5818 to protect the downside for the break above 1.5949 confirming the resumption of the uptrend. However, a break below 1.5818 will call for a final decline in the correction from the 1.5949 high, to just below 1.5772 to end the correction.
Trading recommendation:
We are long in EUR from 1.5550 and will keep our stop at 1.5750. If you are not long in EUR yet, then buy close to 1.5818 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 18 - 2014 . Thanks for your support.
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