Elliott wave analysis of EUR/NZD for October 29 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6089

R2: 1.6062

R1: 1.6043

Current spot: 1.6023

S1: 1.6023

S2: 1.5995

S3: 1.5970

Technical summary:

The correction in red wave ii has reached its 1.6025 target. Now, we will be looking for a break above minor resistance at 1.6062 as the first good indication, that red wave iii higher to 1.6446 is developing. However, to confirm that red wave ii is over a break above 1.6089 is needed. The risk now is a break below support at 1.5960 and more importantly a break below 1.5903 that will revive the expanding diagonal alternative count.

Trading recommendation:

We are long in EUR from 1.6065 with stop placed at 1.6000. If you are not long in EUR yet, then buy a break above 1.6089 with the same stop at 1.6000

The material has been provided by InstaForex Company - www.instaforex.com



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