Today's support and resistance levels:
R3: 1.5877
R2: 1.5856
R1: 1.5827
Current spot: 1.5821
S1: 1.5790
S2: 1.5772
S3: 1.5765
Technical summary:
The correction from 1.5949 has turned out to be more complex than first anticipated. We could see a move slightly lower to 1.5765 before the next impulsive rally higher is expected. In the short term, a break above minor resistance at 1.5847 and more importantly a break above 1.5900 will indicate, that the correction is over for a new strong rally higher towards 1.6203 and 1.6450 longer term.
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 1.5765 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 19 - 2014 . Thanks for your support.
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