16.10.201309:00 Forex Analysis & Reviews: Elliott Wave Analysis of EUR/NZD for October 16, 2013

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Today's Support and Resistance levels:

R3: 1.6239

R2: 1.6193

R1: 1.6149

Current Spot: 1.6107

S1: 1.6068

S2: 1.6036

S3: 1.5996

Technical summary:

With the break below the support at 1.6072 the last piece of doubt for the new more bearish count was eliminated. In the short term we are now looking for minor resistance at the 1.6183-1.6193 zone to protect the upside for a break below 1.6068 confirming continuation lower towards 1.6050 and likely even lower towards 1.6018, before the next consolidation is seen. In the longer term we are looking for a decline towards 1.5872 as the ideal target for wave C from 1.7274.

Trading recommendation:

Stay short in EUR from 1.6255 and keep your stop at 1.6200 and take profit + revers (buy EUR) at 1.5890.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.