FX.co ★ Elliott wave analysis of EUR/NZD for October 23 - 2014

Today's support and resistance levels:

R3: 1.6243

R2: 1.6168

R1: 161.39

Current spot: 1.6108

S1: 1.6080

S2: 1.6057

S3: 1.6045

Technical summary:

The rally from 1.5903 does look impulsive and indicates that the series of waves 1/2's is the correct scenario. That said, we still need a break above resistance at 1.6243 to confirm this scenario, but in the short term we will be looking for a rally to 1.6168 followed by a correction to the 1.6045 - 1.6057 area before next impulsive rally higher than above 1.6243 that confirms a rally higher to 1.6446 on the way towards 1.6800.

Trading recommendation:

We are long in EUR from 1.6085 and will move our stop to break-even and take profit at 1.6160. If our take profit is hit a new EUR-buy order will be placed at 1.6065 with a stop at 1.5900.