Elliott wave analysis of EUR/NZD for October 3 – 2014
October 3, 2014 4:40 pm
Today’s support and resistance levels:
R3: 1.6152
R2: 1.6120
R1: 1.6082
Current spot: 1.6059
S1: 1.6040
S2: 1.6012
S3: 1.5978
Technical summary:
We have seen a perfect test of the broken base-channel resistance-line at 1.5978 and this former resistance now support has protected the downside perfectly. We will now be looking for a break above 1.6120 as the first strong indication, that the correction from 1.6446 is over, but a break above 1.6242 is needed to confirm the bottom and the next rally higher towards 1.6446 on the way towards 1.6836. The risk is a break below 1.5978, that would call for a decline to the support-line near 1.5890 before higher.
Trading recommendation:
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.6152
R2: 1.6120
R1: 1.6082
Current spot: 1.6059
S1: 1.6040
S2: 1.6012
S3: 1.5978
Technical summary:
We have seen a perfect test of the broken base-channel resistance-line at 1.5978 and this former resistance now support has protected the downside perfectly. We will now be looking for a break above 1.6120 as the first strong indication, that the correction from 1.6446 is over, but a break above 1.6242 is needed to confirm the bottom and the next rally higher towards 1.6446 on the way towards 1.6836. The risk is a break below 1.5978, that would call for a decline to the support-line near 1.5890 before higher.
Trading recommendation:
The material has been provided by InstaForex Company – www.instaforex.com
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