FX.co ★ Elliott wave analysis of EUR/NZD for November 6 - 2014

Today's support and resistance levels:

R3: 1.6263

R2: 1.6193

R1: 1.6169

Current spot: 1.6151

S1: 1.6120

S2: 1.6096

S3: 1.6072

Technical summary:

Nothing really changed here. We have seen a new rally to 1.6263, which again was rejected for a new move lower. The picture is still very complicated, without any real signs of, which direction that should be favored. We do slightly prefer the upside, but we will await a more clear picture, as a break below support at 1.5999 will shift focus towards the expanding diagonal pattern.

Trading recommendation:

We will continue to stay on the sideline for now and await a more clear picture.