Today's support and resistance levels:
R3: 1.5833
R2: 1.5810
R1: 1.5787
Current spot: 1.5776
S1: 1.5761
S2: 1.5740
S3: 1.5718
Technical summary:
We have seen the expcted correction lower from the 1.5833 high. We should be ready for a new rally any time now. In the short term, a break above minor resistance at 1.5810 will indicate, that the correction is over and a new strong rally above 1.5899 is building for a rally towards the next major upside target at 1.6203. Only if minor resistance manages to protect the upside, a slightly deeper correction should be expected towards the 1.5718 - 1.15728 area.
Trading recommendation:
We are long in EUR from 1.5725 and will keep our stop at 1.5640. If you are not long in EUR yet, then buy close to 1.5761 or upon a break above 1.5810 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 04, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for September 04, 2014
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