Technical summary:
We have seen a very strong rally from 1.3880, which indicates that the firm low for wave B is in place. We also have taken out resistance at 1.4237 adding confidence to call for a low being in place. In the short term, we are looking for the break resistance-line to act as support. However, even if this former resistance-line gets broken towards downside, support should be expected near 1.4150 for one more high above 1.4547. More impulsive rally will ultimately take us to a high of 1.7274 high.
Trading recommendation:
We are long EUR from 1.4055 and move our stop to break even. If you are not long EUR yet, then buy near 1.4150 if possible with the same stop at 140.55
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 24 - 2015 . Thanks for your support.
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