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29.04.2014 01:11 PM
Elliott wave analysis of EUR/NZD for April 29, 2014

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Today's Support and Resistance levels:

R3: 1.6438

R2: 1.6363

R1: 1.6322

Current spot: 1.6264

S1: 1.6201

S2: 1.6151

S3: 1.6097

Technical summary:

The break above resistance at 1.6180 is a game changer. The triangle scenario is clearly invalidated and it is now a question whether we saw an important bottom at 1.5766 or not. If we did see an important low at 1.5766, then expect resistance at 1.6322 to be broken soon. A confirmed (close above) a break above 1.6322 will indicate continuation higher towards 1.6673 and higher. However, if resistance at 1.6322 protects the upside for a break below 1.6097 more downside action should be expected towards 1.5766 and likely even lower towards 1.5566.

Trading recommendation:

Our stop and revers at 1.6185 was hit. We will place stop at 1.6200.

Summary
Urgency
Analytic
Torben Melsted
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