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11.10.2012 10:40 AM
EUR/NZD - Elliott Wave Analysis for October 11 - 2012

 

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Today’s Support and Resistance Levels:

S1: 1.5700                   R1: 1.5752
S2: 1.5684                   R2: 1.5810
S3: 1.5624                   R3: 1.5832

Technical Overview:
We have seen more downside pressure towards 1.5700, but it is clear there is no momentum and we should see a break above minor resistance at 1.5727 soon. And, more importantly, a break above 1.5810 confirms that wave ii is over and wave iii of 3 higher has begun. A break above 1.5810 should call for a continuation higher towards 1.5937 and later on there will be a break above 1.5966.
It is quite surprisingly if we see a break below 1.5700, but strong support will be found just below 1.5684.

Trading Recommendation:
You should be long EUR from 1.5725 with a stop at 1.5680. If you are not long EUR already buy a break above 1.5810.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2026
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