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11.09.2012 10:19 AM
EUR/NZD - Elliott Wave Analysis for September 11 - 2012

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Today's Support and Resistance Levels:

S1: 1.5710                    R1: 1.5778

S2: 1.5689                    R2: 1.5814

S3: 1.5667                    R3: 1.5874

 

Technical Overview:  

Not much has happened here. Green wave iv is still in progress. We are looking for green wave iv to ideally end at 1.5667 and  take from there of in green wave v towards 1.5974. As we are entering the final series of waves four's and five's, the picture will likely be somewhat messy, but in overall we expect the first rally from 1.4968 to end near 1.6200. However, in the larger picture we should see much higher levels in longer-term.

 

Trading Recommendation: 

We are still looking for buying EUR against NZD at 1.5675 with a 1.5580 stop and take profit at 1.6185.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2026
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Torben Melsted
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