Technical summary:
We have seen a nice decline to our first downside target at 1.3867. However, as long as resistance at 1.4051 is able to protect the upside, we will be looking for a move closer to our second downside target at 1.3687 before a firm bottom is expected to be in place.
A direct break above 1.4051 is needed to indicate that the bottom is already in place for a rally back to important resistance at 1.4237.
Trading recommendation:
We are short EUR from 1.4145 and will move our stop+reverse lower to 1.4055 and we will place take profit+reverse at 1.3700
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 22 - 2015 . Thanks for your support.
No comments:
Post a Comment