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02.01.2014 10:47 AM
Elliott Wave Analysis of EUR/NZD for January 2, 2014

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Today's Support and Resistance Levels:

R3: 1.6818

R2: 1.6790

R1: 1.6765

Current Spot: 1.6733

S1: 1.6683

S2: 1.6621

S3: 1.6569

Technical Summary:

We are currently at strong support near 1.6683 and a break below here will indicate continuation towards the 1.6569 area. However, if this support protects the downside from a break above 1.6807, the green wave ii will be done and a new powerful rally towards 1.6996 and higher to 1.7239 will be in green wave iii. For now we just have to be patient and let time show us which scenario is the correct one.

Trading Recommendation:

Book your profit from the short position taken at 1.6785 here. Look to sell EUR again at 1.6785 with a stop at 1.6820.

Summary
Urgency
Analytic
Torben Melsted
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