Today's support and resistance levels:
R3: 1.5965
R2: 1.5920
R1: 1.5890
Current spot: 1.5889
S1: 1.5876
S2: 1.5866
S3: 1.5857
Technical summary:
Now, we have a nice five wave rally of the 1.5398 low. The triangle we described yesterday has unfolded perfectly and should provide a rally to 1.5920 and maybe 1.5964. Once this final wave v is in place, we will see a correction towards 1.5598 in wave 2. The fact that we have a five wave rally of the 1.5398 low tells us, that we should expect a new impulsive rally once the correction in wave 2 is over. For now, look for 1.5920, with an outside chance of 1.5964 before wave v and 1 is in place.
Trading recommendation:
We are long in EUR from 1.5710 and will move our stop higher to 1.5830 and place take profit+reverse at 1.5910. If we have done at 1.5910, we will place our new stop at 1.6010.
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 August 12, 2014 . Thanks for your support on Elliott wave analysis of EUR/NZD for August 12, 2014
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