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20.05.2014 11:42 AM
Elliott wave analysis of EUR/NZD for May 20, 2014

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Today's Support and Resistance levels:

R3: 1.6136

R2: 1.6083

R1: 1.5972

Current spot: 1.5918

S1: 1.5898

S2: 1.5875

S3: 1.5853

Technical summary:

As expected we have seen support at 1.5830 protecting the downside for a break above resistance at 1.5910, which indicates that a long-term important bottom is in place at 1.5730. However, to confirm the long-term bottom, we still need a break above strong resistance at 1.6179, but once broken there should be no more doubt and we should be looking for a long-term impulsive rally that ultimately will take out the former top at 1.7274.

In the short term we expect support near 1.5898 to protect the downside.

Trading recommendation:

Stay long in EUR from 1.5858 and raise your stop to 1.5830. If you are not long in EUR yet, then buy EUR near 1.5898 with the same stop at 1.5830.

Summary
Urgency
Analytic
Torben Melsted
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