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Elliott wave analysis of EUR/NZD for November 7 - 2014

2014-11-07-EURNZD-8H.png


Today's support and resistance levels:


R3: 1.6263


R2: 1.6193


R1: 1.6169


Current spot: 1.6114


S1: 1.6096


S2: 1.6072


S3: 1.6060


Technical summary:


Still no news here. We are still locked within a very complex correction and we are waiting for the clues to what way the next major move will be. We are still slightly in favor of the next major move being to the upside, but we need a clear break above 1.6273 to confirm that outcome. Until a break above 1.6273 is confirmed, then the risk remain a new test of support at 1.6044 and more importantly support at 1.5903.


Trading recommendation:


We will place a EUR buy-order at 1.5925 with a stop at 1.5875.


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