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FX.co ★ Elliott wave analysis of EUR/NZD for October 20, 2014

Elliott wave analysis of EUR/NZD for October 20, 2014

Elliott wave analysis of EUR/NZD for October 20, 2014

Today's support and resistance levels:

R3: 1.6243

R2: 1.6186

R1: 1.6146

Current Spot: 1.6057

S1: 1.6025

S2: 1.6000

S3: 1.5970

Technical summary:

This correction grows more and more complex by the day, but it does begin to look like a triangle, which could be a good explanation, why this correction has become a complex as it has. If it is a triangle it also confirms, that this is wave iv of 3 and wave v should take us higher to 1.6830 before the next correction takes over. In the short term we would like to see support at 1.6025 protect the downside for a break above 1.6246 confirming a new rally to 1.6446 and the way higher to 1.6830.

Trading recommendation:

We are long in EUR at 1.6190 with a stop placed at 1.5985 and we will place our take profit at 1.6800.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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