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07.01.2014 12:08 PM
Elliott Wave analysis of EUR/NZD for January 7, 2014

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Today's Support and Resistance Levels:

R3: 1.6575

R2: 1.6546

R1: 1.6505

Current Spot: 1.6474

S1: 1.6444

S2: 1.6398

S3: 1.6366

Technical Summary:

The red wave iv correction extended more than expected, but the upside potential is limited from here and we expect minor resistance at 1.6508 will protect the upside for a break below 1.6444, which calls for red wave v to get lower to 1.6200.

Even if we see an unexpected break above 1.6508, the upside should be limited to 1.6546 and maximum 1.6575 before red wave v takes over.

Trading recommendation:

Our stop at 1.6470 was hit for a small loss. We will re-sell EUR here at 1.6474 and place our stop at 1.6600.

Summary
Urgency
Analytic
Torben Melsted
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