FX.co ★ Elliott wave analysis of EUR/NZD for October 2 - 2014

Today's support and resistance levels:

R3: 1.6128

R2: 1.6088

R1: 1.6047

Current spot: 1.6032

S1: 1.6016

S2: 1.5978

S3: 1.5949

Technical summary:

The correction from 1.6446 is becoming extremely deep. We are currently back-testing the base-channel resistance-line, which is now acting as support. Ideally this support near 1.5978 will protect the downside for a break above 1.6082 and more importantly a break above 1.6243 to confirm the next rally higher to 1.6446 on the way towards 1.6836. Only a break below support at 1.5949, will change the current count, but only to an even more bullish long-term count.

Trading recommendation:

Our stop at 1.6100 was hit for a nice profit. We will re-buy EUR at 1.6000 or upon a break above 1.6088 with a stop at 1.5800.