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07.11.2014 09:47 AM
Elliott wave analysis of EUR/NZD for November 7 - 2014

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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.

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