Elliott wave analysis of EUR/NZD for October 13 – 2014
October 13, 2014 11:35 am
Today’s support and resistance levels:
R3: 1.6219
R2: 1.6166
R1: 1.6140
Current spot: 1.6113
S1: 1.6085
S2: 1.6055
S2: 1.6000
Technical summary:
We are still looking for possible upside acceleration soon, but we need for support at 1.6055 to protect the downside for a break above minor resistance at 1.6219 and more importantly a break above resistance at 1.6272, that should accelerate prices higher to 1.6446 and likely 1.6836. Only a break below support at 1.6055 will delay the expected acceleration higher and call for a move closer to 1.5977, but the downside potential is limited.
Trading recommendation:
We are long EUR from 1.6135 with stop placed at 1.6025. If you are not long EUR yet, the buy near 1.6055 or a break above 1.6219 and use the same stop at 1.6025.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.6219
R2: 1.6166
R1: 1.6140
Current spot: 1.6113
S1: 1.6085
S2: 1.6055
S2: 1.6000
Technical summary:
We are still looking for possible upside acceleration soon, but we need for support at 1.6055 to protect the downside for a break above minor resistance at 1.6219 and more importantly a break above resistance at 1.6272, that should accelerate prices higher to 1.6446 and likely 1.6836. Only a break below support at 1.6055 will delay the expected acceleration higher and call for a move closer to 1.5977, but the downside potential is limited.
Trading recommendation:
We are long EUR from 1.6135 with stop placed at 1.6025. If you are not long EUR yet, the buy near 1.6055 or a break above 1.6219 and use the same stop at 1.6025.
The material has been provided by InstaForex Company – www.instaforex.com
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