Elliott wave analysis of EUR/NZD for October 8 – 2014

Today’s support and resistance levels:

R3: 1.6255

R2: 1.6242

R1: 1.6228

Current spot: 1.6213

S1: 1.6194

S2: 1.6161

S3: 1.6142

Technical summary:

The break below 1.7078 is disappointing, and indicates, that we are not yet ready to a new impulsive rally. Therefore we should expect resistance near 1.6245 will be able to turn prices back down towards the support-line near 1.5977 before a new impulsive rally can be expected. Short-term break below support at 1.6161 will confirm renewed downside pressure towards 1.5977.

Trading recommendation:

Our stop at 1.6075 was hit for a nice little profit. We will re-buy EUR at 1.5985.

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

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Personal Finance, 2014, analysis, elliott, EURNZD, October, wave