Today's support and resistance levels:
R3: 1.6243
R2: 1.6186
R1: 1.6146
Current Spot: 1.6057
S1: 1.6025
S2: 1.6000
S3: 1.5970
Technical summary:
This correction grows more and more complex by the day, but it does begin to look like a triangle, which could be a good explanation, why this correction has become a complex as it has. If it is a triangle it also confirms, that this is wave iv of 3 and wave v should take us higher to 1.6830 before the next correction takes over. In the short term we would like to see support at 1.6025 protect the downside for a break above 1.6246 confirming a new rally to 1.6446 and the way higher to 1.6830.
Trading recommendation:
We are long in EUR at 1.6190 with a stop placed at 1.5985 and we will place our take profit at 1.6800.
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 20, 2014 . Thanks for your support.
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