Today's support and resistance levels:
R3: 1.6164
R2: 1.6120
R1: 1.6059
Current spot: 1.6031
S1: 1.6000
S2: 1.5958
S3: 1.5932
Technical summary:
The failure to break above resistance at 1.6263 and the following break below support at 1.6000 is very disappointing and frustrating. We still prefer the bullish picture, but at this point there is no clear-cut short-term count. We do think, that red wave ii has taken on the shape of an expanded flat correction, but a break above resistance at 1.6107 is needed to confirm this count. Under no circumstances can a break below support at 1.5903 be allowed as the will immediately shift the count to the expanded diagonal.
Trading recommendation:
Our stop at 1.6000 was hit for a small loss. We will await a more clear-cut picture before getting exposed.
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 31 - 2014 . Thanks for your support.
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