Elliott wave analysis of EUR/NZD for November 6 – 2014
November 6, 2014 1:00 pm
Today’s support and resistance levels:
R3: 1.6263
R2: 1.6193
R1: 1.6169
Current spot: 1.6151
S1: 1.6120
S2: 1.6096
S3: 1.6072
Technical summary:
Nothing really changed here. We have seen a new rally to 1.6263, which again was rejected for a new move lower. The picture is still very complicated, without any real signs of, which direction that should be favored. We do slightly prefer the upside, but we will await a more clear picture, as a break below support at 1.5999 will shift focus towards the expanding diagonal pattern.
Trading recommendation:
We will continue to stay on the sideline for now and await a more clear picture.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.6263
R2: 1.6193
R1: 1.6169
Current spot: 1.6151
S1: 1.6120
S2: 1.6096
S3: 1.6072
Technical summary:
Nothing really changed here. We have seen a new rally to 1.6263, which again was rejected for a new move lower. The picture is still very complicated, without any real signs of, which direction that should be favored. We do slightly prefer the upside, but we will await a more clear picture, as a break below support at 1.5999 will shift focus towards the expanding diagonal pattern.
Trading recommendation:
We will continue to stay on the sideline for now and await a more clear picture.
The material has been provided by InstaForex Company – www.instaforex.com
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