Today's support and resistance levels:
R3: 1.6243
R2: 1.6168
R1: 161.39
Current spot: 1.6108
S1: 1.6080
S2: 1.6057
S3: 1.6045
Technical summary:
The rally from 1.5903 does look impulsive and indicates that the series of waves 1/2's is the correct scenario. That said, we still need a break above resistance at 1.6243 to confirm this scenario, but in the short term we will be looking for a rally to 1.6168 followed by a correction to the 1.6045 - 1.6057 area before next impulsive rally higher than above 1.6243 that confirms a rally higher to 1.6446 on the way towards 1.6800.
Trading recommendation:
We are long in EUR from 1.6085 and will move our stop to break-even and take profit at 1.6160. If our take profit is hit a new EUR-buy order will be placed at 1.6065 with a stop at 1.5900.
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 23 - 2014 . Thanks for your support.
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