Today's Support and Resistance levels:
R3: 1.5923
R2: 1.5911
R1: 1.5899
Current spot: 1.5888
S1: 1.5846
S2: 1.5806
S3: 1.5766
Technical summary:
The expected correction higher reached 1.5963 as its high, a little above our expected target at 1.5944. We are now looking for a clear break below support at 1.5846 confirming renewed downside pressure towards the ideal blue wave iii target at 1.5694. Once the target at 1.5694 is reached, we should see a new minor correction in blue wave iv before the final decline in blue wave v lower towards the ideal target at 1.5553.
Trading recommendation:
Stay short from 1.5930 with your stop at 1.6090. Move your stop lower to 1.5950 upon a break below 1.5846. Keep your take profit at 1.5710. If you are not short in EUR yet, then sell EUR at 1.5900 or upon a break below 1.5846 with the same stops and take profit target.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Elliott wave analysis of EUR/NZD for April 1, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for April 1, 2014
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