Today's support and resistance levels:
R3: 1.6048
R2: 1.5990
R1: 1.5963
Current spot: 1.5920
S1: 1.5907
S2: 1.5878
S3: 1.5849
Technical summary:
Quite unpredictable moves are still going on. The rally from the 1.5644 low has been very strong, but we think that a top is close at hand and a correction towards at least 1.5849 and possibly even lower to 1.5805 soon will be seen. Once this correction is over, we should see a new powerful rally higher towards 1.6273 as the next strong resistance level that needs to be conquered to confirm the rally towards 1.6446 and higher towards 1.6800.
Trading recommendation:
We will be looking for a buying opportunity next to 1.5805.
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 25 - 2014 . Thanks for your support.
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