Today's support and resistance levels:
R3: 1.6263
R2: 1.6183
R1: 1.6147
Current spot: 1.6129
S1: 1.6103
S2: 1.6084
S3: 1.6033
Technical summary:
The break above 1.6121 is positive, but we still need to see acceleration higher towards 1.6263 and above for a rally towards 1.6446 and higher. Short term, we will be looking for support at 1.6103, which ideally will protect the downside for a break above minor resistance at 1.6183 and more importantly a break above resistance at 1.6263 for the rally to 1.6446 and above. Only an unexpected break below 1.6033 will invalidate the bullish picture.
Trading recommendation:
We are long in EUR from 1.6085 with stop place at 1.6025. If you are not long in EUR yet, then buy near 1.6103 or upon a break above 1.6183 with the same stop at 1.6025.
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 4 - 2014 . Thanks for your support.
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