Technical summary:
We are still looking for support at 1.5788 to protect the downside for a break above minor resistance at 1.5942 and more importantly a break above resistance at 1.5791, which will confirm the next rally higher to 1.6273 and above. Only and unexpected break below 1.5788 will delay the expected upside pressure for a move lower to 1.5722 before moving higher again. At no point should the low at 1.5643 be broken as that would invalidate the bullish count.
Trading recommendation:
We are long in EUR from 1.5830 with stop at 1.5775. If you are not long in EUR yet, then buy at a break above 1.5942 with the same stop.
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 December 4 - 2014 . Thanks for your support.
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