FX.co ★ Elliott wave analysis of EUR/NZD for October 7 - 2014

Today's support and resistance levels:

R3:1.6168

R2: 1.6153

R1: 1.6140

Current spot: 1.61229

S1: 1.6100

S2: 1.6078

S3: 1.6063

Technical summary:

There is not much to add from yesterday. We are still looking for a break above resistance at 1.6213 to confirm acceleration higher towards 1.6446 and higher to 1.6839. However, as long as minor resistance at 1.6168 keep protecting the upside, more sideways consolidation will seen within the 1.6070 - 1.6168 area. only once this area is broken, will the expected acceleration be seen.

Trading recommendation:

We are long EUR from 1.6000. We will move our stop higher to 1.6070. If you are not long EUR yet, then buy a break above 1.6168 with the same stop at 1.6070.