Today's support and resistance levels:
R3: 1.6168
R2: 1.6153
R1: 1.6140
Current spot: 1.6113
S1: 1.6100
S2: 1.6078
S3: 1.6063
Technical summary:
With a firm back test of the broken base-channel resistance-line, which is now acting as support, we should again look for a new strong rally higher towards 1.6446 on the way towards 1.6836 and higher. In the short term, we would like to see minor resistance at 1.6214 broken as indication, that a firm bottom is in place for a new impulsive rally higher.
Trading recommendation:
We are long EUR from 1.6000 and will move our stop to break even. If you are not long EUR yet, then buy close to 1.6080 or upon a break above 1.6214 with the same stop at 1.6000
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 5 - 2014 . Thanks for your support.
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