Today's support and resistance levels:
R3: 1.6338
R2: 1.6309
R1: 1.6266
Current spot: 1.6247
S1: 1.6217
S2: 1.6190
S3: 1.6155
Technical summary:
The correction from the 1.6446 high has been deeper than expected and we could see a move slightly lower to 1.6190 and even 1.6155, but this support should be able to protect the downside for the next rally above 1.6337 confirming the next rally higher towards 1.6803 and higher. Longer term we are looking for much higher levels, but need to allow for this correction to unfold first.
Trading recommendation:
We are long in EUR from 1.5826 with stop place at 1.6100. If you are not long in EUR yet, then buy near 1.6190 with the same stop at 1.6100.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for September 30 - 2014 . Thanks for your support.
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