Elliott wave analysis of EUR/NZD for November 7 – 2014
November 7, 2014 11:15 am
Today’s support and resistance levels:
R3: 1.6263
R2: 1.6193
R1: 1.6169
Current spot: 1.6114
S1: 1.6096
S2: 1.6072
S3: 1.6060
Technical summary:
Still no news here. We are still locked within a very complex correction and we are waiting for the clues to what way the next major move will be. We are still slightly in favor of the next major move being to the upside, but we need a clear break above 1.6273 to confirm that outcome. Until a break above 1.6273 is confirmed, then the risk remain a new test of support at 1.6044 and more importantly support at 1.5903.
Trading recommendation:
We will place a EUR buy-order at 1.5925 with a stop at 1.5875.
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: 1.6114
S1: 1.6096
S2: 1.6072
S3: 1.6060
Technical summary:
Still no news here. We are still locked within a very complex correction and we are waiting for the clues to what way the next major move will be. We are still slightly in favor of the next major move being to the upside, but we need a clear break above 1.6273 to confirm that outcome. Until a break above 1.6273 is confirmed, then the risk remain a new test of support at 1.6044 and more importantly support at 1.5903.
Trading recommendation:
We will place a EUR buy-order at 1.5925 with a stop at 1.5875.
The material has been provided by InstaForex Company – www.instaforex.com
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