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18.07.2014 11:24 AM
Elliott wave analysis of EUR/NZD for July 18 - 2014

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Today's support and resistance levels:

R3: 1.5706

R2: 1.5650

R1: 1.5627

Current spot: 1.5571

S1: 1.5536

S2: 1.5513

S3: 1.5485

Technical summary:

We have seen the first minor five wave rally from 1.5398. Now, we will be looking for a correction towards the 1.5485 - 1.5513 area, before the next impulsive rally higher towards at least 1.5850 and possibly even high.

The expected minor correction from the 1.5627 high will represent the optimal risk/reward entry for a very long time.

Trading recommendation:

Our profit target at 1.5625 was hit for a nice profit. We have placed a new EUR-buy order at 1.5525 with stop placed at 1.5395 if done.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2024
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