Today's support and resistance levels:
R3: 1.5853
R2: 1.5817
R1: 1.5796
Current spot: 1.5745
S1: 1.5723
S2: 1.5717
S3: 1.5680
Technical summary:
The diagonal support-line should be tested soon. We will be looking for support near 1.5717, which ideally will protect the downside for a break above minor resistance at 1.5796 and more importantly a break above resistance at 1.5853, which will be the first good indication that wave 4 is over and wave 5 higher towards 1.6446 and ideally closer to 1.6800 is unfolding. Even if support at 1.5717 is broken, it will take a break below important support at 1.5526 to invalidate the diagonal count.
Trading recommendation:
We will buy EUR at 1.5720 with a stop at 1.5520.
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 November 13 - 2014 . Thanks for your support.
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