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16.06.2014 09:23 AM
Elliott wave analysis of EUR/NZD for June 16, 2014

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Today's Support and Resistance levels:

R3: 1.5728

R2: 1.5682

R1: 1.5631

Current spot: 1.5578

S1: 1.5566

S2: 1.5507

S3: 1.5455

Technical summary:

We would normally expect a more complex blue wave iv, but the break below 1.5629 could be an indication that blue wave iv became very small and ended already at 1.5688. However, to confirm that blue wave iv is over, we still need a break below support at 1.5566. As long as support at 1.5566 stays untouched, we still believe a more complex blue wave iv correction will be unfolding for a new rally just above 1.5688, but a break below support at 1.5566 will indicate that blue wave iv ended early for a continuation lower in blue wave v towards 1.5447.

Trading recommendation:

Stay neutral and await a more attractive entry level.

Summary
Urgency
Analytic
Torben Melsted
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