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14.05.2014 02:42 PM
Elliott wave analysis of EUR/NZD for May 14, 2014

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Today's Support and Resistance levels:

R3: 1.6059

R2: 1.5985

R1: 1.5906

Current spot: 1.5835

S1: 1.5820

S2: 1.5750

S3: 1.5653

Technical summary:

The break below support at 1.5865 finally settled the uncertainty. The downside pressure is still dominating for a move closer to the possible long-term target at 1.5653. That said, we have to remember that we are in the very last part of the long-term decline from 1.7277 and caution is warranted, as a bottom could be found any time. We still prefer a break below 1.5750, but once this is seen, be aware of a reversal.

Only a break above 1.5985 will indicate a bottom is in place, but a break above 1.6179 is needed to confirm the bottom.

Trading recommendation:

Our stop at 1.5865 was hit and we will stay neutral for now. However, we will be looking for EUR-buying opportunities near 1.5653.

Summary
Urgency
Analytic
Torben Melsted
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