FX.co ★ Elliott wave analysis of EUR/NZD for October 5 - 2014

Today's support and resistance levels:

R3: 1.6168

R2: 1.6153

R1: 1.6140

Current spot: 1.6113

S1: 1.6100

S2: 1.6078

S3: 1.6063

Technical summary:

With a firm back test of the broken base-channel resistance-line, which is now acting as support, we should again look for a new strong rally higher towards 1.6446 on the way towards 1.6836 and higher. In the short term, we would like to see minor resistance at 1.6214 broken as indication, that a firm bottom is in place for a new impulsive rally higher.

Trading recommendation:

We are long EUR from 1.6000 and will move our stop to break even. If you are not long EUR yet, then buy close to 1.6080 or upon a break above 1.6214 with the same stop at 1.6000