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16.12.2013 10:44 AM
Elliott wave analysis of EUR/NZD for December 16, 2013

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Today's Support and Resistance levels:

R3: 1.6779

R2: 1.6708

R1: 1.6658

Current Spot: 1.6622

S1: 1.6590

S2: 1.6556

S3: 1.6516

Technical summary:

We are still looking for the fianl rally in green wave v towards 1.6869 to end the leading diagonal. Once green wave v is in place we should see a correction towards 1.6556 before a new impulsive rally higher towards at least 1.7239.

Short term we are looking for support at 1.6590 protecting the downside for a break above 1.6658 confirming the rally towards 1.6869. Only an unexpected direct break below 1.6556 will invalidate our bullish call and add considerable downside pressure.

Trading recommendation:

Stay long in EUR from 1.6520. Keep your stop at 1.6550 and take profit at 1.6850.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2025
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