Today’s support and resistance levels:
R3: 1.5501
R2: 1.5489
R3: 1.5448
Current spot: 1.5422
S1: 1.5411
S2: 1.5384
S3: 1.5345
Technical summary:
Our 1.5416 downside target has been exceeded slightly as the low has been 1.5411. We think that the bottom has been found or will be found shortly for a break above minor resistance at 1.5448. More importantly, a break above resistance at 1.5501 calling for a continuation higher to 1.5706 and a break above here will confirm the bottom. That said, we have to be aware of the risk of more downside price-action as long as minor resistance at 1.5448 protects the upside.
Trading recommendation:
We bought EUR at 1.5425 with stop placed at 1.5385. If you are not long in EUR yet, then buy a break above 1.5448 with the same stop at 1.5385.
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Performed by Torben Melsted, Analytical expert InstaForex Group © 2007-2014 |
Elliott wave analysis of EUR/NZD for July 11, 2014
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