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30.07.2013 11:15 AM
Elliott Wave analysis of EUR/NZD for July 30, 2013

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Today's Support and Resistance levels:

R3: 1.6634

R2: 1.6592

R1: 1.6571

Current Spot: 1.6554

S1: 1.6527

S2: 1.6501

S3: 1.6482

Technical summary:

With the break above 1.6486 we had confirmation, that a bottom is in place for a new impulsive rally higher. To confirm, that we have seen an important low for wave ii we would like to see a break above strong resistance at 1.6686 as well, as that will confirm continuation higher towards 1.6818 and 171.13. In the short term we are looking for support at 1.6527 and important support at 1.6482, which ideally protects the downside for the rally towards 1.6686.

Trading recommendation:

We are long EUR from 1.6411 and will move our stop higher to 1.6390 leaving us with a very small risk. If you are not long EUR yet, then buy on a possible set-back towards 1.6527 with the same stop at 1.6390.

Ringkasan
Urgensi
Analitik
Torben Melsted
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