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26.06.2014 10:58 AM
Elliott wave analysis of EUR/NZD for June 26, 2014

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Today's Support and Resistance levels:

R3: 1.5583

R2: 1.5563

R1: 1.5554

Current spot: 1.5550

S1: 1.5500

S2: 1.5475

S3: 1.5446

Technical summary:

The final decline towards 1.5446 is developing to end the major decline from 1.7269. In the short term, we expect minor resistance at 1.5554 to protect the upside for a move lower towards the ideal target at 1.5446. Once the target is reached, we will be looking for a major rally higher.

It will take a break above resistance at 1.5706 to indicate the bottom is in place.

Trading recommendation:

We will look for a buying opportunity near 1.5446.

Summary
Urgency
Analytic
Torben Melsted
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