Today’s support and resistance levels:
R3: 1.5900
R2: 1.5868
R1: 1.5812
Current spot: 1.5755
S1: 1.5745
S2: 1.5730
S3: 1.5713
Technical summary:
We have seen the expected minor correction to 1.5745. Soon, we will see renewed upside pressure for a break above 1.5796 for a rally closer to the 200% extension target at 1.5900. In the longer term, we are looking for much higher levels closer to 1.6203 and a break above here, will open up for a rally to 1.6996 and the next major upside target.
Trading recommendation:
We are long in EUR from 1.5525 and will keep our stop at 1.5695. If you are not long in EUR yet, then buy EUR near 1.5745 with the same stop at 1.5695.
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Performed by Torben Melsted, Analytical expert InstaForex Group © 2007-2014 |
Elliott wave analysis of EUR/NZD for July 30, 2014
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