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25.06.2014 01:23 PM
Elliott wave analysis of EUR/NZD for June 25, 2014

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Today's Support and Resistance levels:

R3: 1.5786

R2: 1.5746

R1: 1.5723

Current spot: 1.5643

S1: 1.5580

S2: 1.5539

S3: 1.5538

Technical summary:

Blue wave iv has almost tested the target zone between 1.5723 - 1.5746 and we will now look for a break below minor support at 1.5580 as the first good indication that blue wave v has taken over for a decline to 1.5446. Once this blue wave v is in place we should be looking for a long-term bottom.

Trading recommendation:

We will stay neutral and await the major bottom being in place.

Summary
Urgency
Analytic
Torben Melsted
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