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Elliott wave analysis of EUR/NZD for October 21, 2014

2014-10-21-EURNZD-8H.png


Today's support and resistance levels:


R3: 1.6186


R2: 1.6146


R1: 1.6082


Current spot: 1.6045


S1: 1.6025


S2: 1.6000


S3: 1.5951


Technical summary:


The complex correction from 1.6446 has produced a spike lower to 1.5951, which could be that final nail in this corrections coffin that we needed, but short term a break above 1.6082 is needed to indicate that the correction finally is over at 1.5951, while a break above resistance at 1.6243 will be the final confirmation, that a new impulsive trend higher towards 1.6446 on the way towards 1.6830 is developing.


Trading recommendation:


Our stop at 1.5985 was hit and we will only buy after a break above 1.6082 with stop at 1.5945.


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