Elliott wave analysis of EUR/NZD for October 7 – 2014
October 7, 2014 2:50 pm
Today’s support and resistance levels:
R3:1.6168
R2: 1.6153
R1: 1.6140
Current spot: 1.61229
S1: 1.6100
S2: 1.6078
S3: 1.6063
Technical summary:
There is not much to add from yesterday. We are still looking for a break above resistance at 1.6213 to confirm acceleration higher towards 1.6446 and higher to 1.6839. However, as long as minor resistance at 1.6168 keep protecting the upside, more sideways consolidation will seen within the 1.6070 – 1.6168 area. only once this area is broken, will the expected acceleration be seen.
Trading recommendation:
We are long EUR from 1.6000. We will move our stop higher to 1.6070. If you are not long EUR yet, then buy a break above 1.6168 with the same stop at 1.6070.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3:1.6168
R2: 1.6153
R1: 1.6140
Current spot: 1.61229
S1: 1.6100
S2: 1.6078
S3: 1.6063
Technical summary:
There is not much to add from yesterday. We are still looking for a break above resistance at 1.6213 to confirm acceleration higher towards 1.6446 and higher to 1.6839. However, as long as minor resistance at 1.6168 keep protecting the upside, more sideways consolidation will seen within the 1.6070 – 1.6168 area. only once this area is broken, will the expected acceleration be seen.
Trading recommendation:
We are long EUR from 1.6000. We will move our stop higher to 1.6070. If you are not long EUR yet, then buy a break above 1.6168 with the same stop at 1.6070.
The material has been provided by InstaForex Company – www.instaforex.com
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