Today's support and resistance levels:
R3: 1.6219
R2: 1.6166
R1: 1.6140
Current spot: 1.6100
S1: 1.6085
S2: 1.6055
S3: 1.6000
Technical summary:
Nothing new here, the range that we have trade within over the last 2 weeks still persists. We are still looking for a break above minor resistance at 1.6187 and more importantly above resistance at 1.6219 to confirm the next rally higher towards 1.6446 and above 1.6836. Short-term support at 1.6055 and 1.6020 is likely to keep protecting the downside for the expected rally.
Trading recommendation:
Our stop at 1.6025 was hit and we are now neutral. We will only buy upon a break above 1.6187.
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 16, 2014 . Thanks for your support.
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