Today's support and resistance levels:
R3: 1.6219
R2: 1.6166
R1: 1.6140
Current spot: 1.6128
S1: 1.6085
S2: 1.6055
S3: 1.6000
Technical summary:
No news here. We are still locked in a narrow range, with no real signs of a breakout any time soon. As long as we stay locked within the 1.6055 - 1.6219 nothing is going to happen here. We are still looking for a break above 1.6219 to get things going for a new rally towards 1.6446 and even higher to 1.6836. Only an unexpected break below 1.6055 will delay the expected upside pressure for a move closer to 1.6000, but the downside should be very limited.
Trading recommendation:
We are long on EUR from 1.6135 with stop placed at 1.6025. If you are not long on EUR yet, then buy near 1.6055 with the same stop at 1.6025.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for October 15 - 2014 . Thanks for your support.
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