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

2014-10-29-EURNZD-8H.png


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