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16.10.2014 03:02 PM
Elliott wave analysis of EUR/NZD for October 16, 2014

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Today's support and resistance levels:

R3: 1.6219

R2: 1.6166

R1: 1.6140

Current spot: 1.6100

S1: 1.6085

S2: 1.6055

S3: 1.6000

Technical summary:

Nothing new here, the range that we have trade within over the last 2 weeks still persists. We are still looking for a break above minor resistance at 1.6187 and more importantly above resistance at 1.6219 to confirm the next rally higher towards 1.6446 and above 1.6836. Short-term support at 1.6055 and 1.6020 is likely to keep protecting the downside for the expected rally.

Trading recommendation:

Our stop at 1.6025 was hit and we are now neutral. We will only buy upon a break above 1.6187.

Summary
Urgency
Analytic
Torben Melsted
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