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13.11.2014 03:56 PM
Elliott wave analysis of EUR/NZD for November 13 - 2014

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Today's support and resistance levels:

R3: 1.5853

R2: 1.5817

R1: 1.5796

Current spot: 1.5745

S1: 1.5723

S2: 1.5717

S3: 1.5680

Technical summary:

The diagonal support-line should be tested soon. We will be looking for support near 1.5717, which ideally will protect the downside for a break above minor resistance at 1.5796 and more importantly a break above resistance at 1.5853, which will be the first good indication that wave 4 is over and wave 5 higher towards 1.6446 and ideally closer to 1.6800 is unfolding. Even if support at 1.5717 is broken, it will take a break below important support at 1.5526 to invalidate the diagonal count.

Trading recommendation:

We will buy EUR at 1.5720 with a stop at 1.5520.

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