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30.11.2015 06:35 AM
Elliott wave analysis of EUR/NZD for November 30, 2015

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Wave summary:

We can say a lot about this cross. A downtrend from 1.9114 persists with an ideal target seen at 1.5898 before recovery through minor resistance at 1.6377 indicating the bottom is in place and a new impulsive rally towards 1.8020 and above has begun.

A breakout above 1.6460 will confirm the bottom and the rally to 1.8020, but for now the downtrend still dominates the picture and still calls for a test of 1.5898.

Trading recommendation:

We are still looking for a EUR buying opportunity at 1.5925 or upon a breakout above 1.6377 (one order done cancels the other).

Summary
Urgency
Analytic
Torben Melsted
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