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11.12.2013 11:19 AM
Elliott wave analysis of EUR/NZD for December 11, 2013

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Today's Support and Resistance levels:

R3: 167.50

R2: 167.16

R1: 166.61

Current Spot: 1.6626

S1: 1.6584

S2: 1.6550

S3: 1.6516

Technical summary:

We are still looking for green wave iii to push over resistance at 1.6750 confirming that a new powerful rally towards at least 1.7239 is developing. As long as resistance at 1.6750 stays unbroken the bearish alternative count, which comes into play upon a break below 1.6470, it is very much a possible count that we must respect. That said, we will stay focused towards the upside for a break above 1.6661 and more importantly the break above 1.6750 as long as support at 1.6521 protects the downside. A break below 1.6521 will be the first indication, that the alternative count could be in action.

Trading recommendation:

Stay long from 1.6520 and lift your stop to break-even. If you are not long in EUR yet, buy near 1.6590 or upon a break above 1.6750, with the same stop at 1.6520.

Torben Melsted,
Analytical expert of InstaForex
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