FX.co ★ Elliott wave analysis of EUR/NZD for November 10 - 2014

Today's support and resistance levels:

R3: 1.6058

R2: 1.6028

R1: 1.6000

Current spot: 1.5981

S1: 1.5961

S2: 1.5935

S3: 1.5903

Technical summary:

We have entered the support-zone between 1.5903 - 1.5958, which we expect will protect the downside for a new rally towards 1.6273. However, it will take a break either below 1.5903 or a break above 1.6273 to break out of the last two months deadlock and get a more clear picture of what has been going on.

Trading recommendation:

We will buy EUR at 1.5925 with a stop at 1.5875.