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FX.co ★ Elliott wave analysis of EUR/NZD for October 21, 2014

Elliott wave analysis of EUR/NZD for October 21, 2014

Elliott wave analysis of EUR/NZD for October 21, 2014

Today's support and resistance levels:

R3: 1.6186

R2: 1.6146

R1: 1.6082

Current spot: 1.6045

S1: 1.6025

S2: 1.6000

S3: 1.5951

Technical summary:

The complex correction from 1.6446 has produced a spike lower to 1.5951, which could be that final nail in this corrections coffin that we needed, but short term a break above 1.6082 is needed to indicate that the correction finally is over at 1.5951, while a break above resistance at 1.6243 will be the final confirmation, that a new impulsive trend higher towards 1.6446 on the way towards 1.6830 is developing.

Trading recommendation:

Our stop at 1.5985 was hit and we will only buy after a break above 1.6082 with stop at 1.5945.

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