Today's support and resistance levels:
R3: 1.6186
R2: 1.6146
R1: 1.6082
Current spot: 1.6045
S1: 1.6025
S2: 1.6000
S3: 1.5951
Technical summary:
The complex correction from 1.6446 has produced a spike lower to 1.5951, which could be that final nail in this corrections coffin that we needed, but short term a break above 1.6082 is needed to indicate that the correction finally is over at 1.5951, while a break above resistance at 1.6243 will be the final confirmation, that a new impulsive trend higher towards 1.6446 on the way towards 1.6830 is developing.
Trading recommendation:
Our stop at 1.5985 was hit and we will only buy after a break above 1.6082 with stop at 1.5945.
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 21, 2014 . Thanks for your support.
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