15.10.201416:01 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for October 15 - 2014

Long-term review

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Today's support and resistance levels:

R3: 1.6219

R2: 1.6166

R1: 1.6140

Current spot: 1.6128

S1: 1.6085

S2: 1.6055

S3: 1.6000

Technical summary:

No news here. We are still locked in a narrow range, with no real signs of a breakout any time soon. As long as we stay locked within the 1.6055 - 1.6219 nothing is going to happen here. We are still looking for a break above 1.6219 to get things going for a new rally towards 1.6446 and even higher to 1.6836. Only an unexpected break below 1.6055 will delay the expected upside pressure for a move closer to 1.6000, but the downside should be very limited.

Trading recommendation:

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

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