Today's support and resistance levels:
R3: 1.5891
R2: 1.5864
R2: 1.5833
Current spot: 1.5794
S1: 1.5778
S2: 1.5761
S2: 1.5740
Technical summary:
The strong rally from the wave 2 low at 1.5646 is clearly impulsive in character and indicates, that much more upside will be seen in the coming weeks. In the short term, we expect support at 1.5761 to protect the downside for a break above 1.5833 confirming the next strong rally above 1.5899 higher towards the next major target at 1.6203 and beyond. A break above 1.5899 will be a strong long-term buying signal.
Trading recommendation:
We are long in EUR from 1.5725 and will keep our stop at 1.5640 for now. If you are not long in EUR yet, then buy EUR near 1.5761 with the same stop at 1.5640.
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 September 03, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for September 03, 2014
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