Technical summary:
We are still looking for a decline to 1.3867 and even lower to 1.3686 as long as minor resistance at 1.4105 protects the upside. Now, the decline from 1.5821 is well advanced and it should be just a matter of time before a firm bottom is found. A break above 1.4105 will be the first good indication that a firm bottom could be in place, while a break above 1.4237 is going to confirm the bottom and call for a continuation higher to 1.4547.
Trading recommendation:
We are short EUR from 1.4145 and will move our stop+revers lower to 1.4105.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for April 20 - 2015 . Thanks for your support.
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