FX.co ★ Elliott wave analysis of EUR/NZD for October 14 - 2014

Today's support and resistance levels:

R3: 1.6219

R2: 1.6166

R1: 1.6140

Current spot: 1.6108

S1: 1.6085

S2: 1.6055

S3: 1.6000

Technical summary:

We are still locked in a narrow range between 1.6055 - 1.6219, but we do expect support at 1.6055 to be able to protect the downside for a break above resistance at 1.6219 to provide the acceleration needed to move higher towards 1.6446 on the way higher to 1.6836. Only and unexpected break below support at 1.6055 will delay the expected upside pressure for a move closer to 1.6000 and likely even 1.5977 before higher again.

Trading recommendation:

We are long EUR from 1.6135 with stop placed at 1.6025. If you are not long EUR yet, then buy near 1.6055 with the same stop at 1.6025.