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10.10.2014 01:34 PM
Elliott wave analysis of EUR/NZD for October 10 - 2014

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Today's support and resistance levels:

R3: 1.6269

R2: 1.6248

R3: 1.6219

Current spot: 1.6195

S1: 1.6169

S2: 1.6150

S3: 1.6128

Technical summary:

Support near 1.5978 was never within striking distance and the rally of the 1.6031 low does look impulsive in nature. We would like to see resistance at 1.6269 broken as confirmation, that a new impulsive rally is building for a rally to 1.6446 on the way higher towards 1.6836. Short-term, we will be looking for a minor correction towards 1.6130 before the next rally higher to 1.6269 and likely above.

Trading recommendation:

We missed our buy-target at 1.5985. We will buy EUR at 1.6135 or upon a break above 1.6269 with a stop at 1.6025.

Summary
Urgency
Analytic
Torben Melsted
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