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24.12.2013 02:18 PM
Elliott wave analysis of EUR/NZD for December 24, 2013

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Today's Support and Resistance levels:

R3: 1.6869

R2: 1.6808

R1: 1.6739

Current Spot: 1.6692

S1: 1.6672

S2: 1.6630

S3: 1.6597

Technical summary:

Nothing much is going on with this currency pair right now. We are still looking for a rally higher towards 1.6869 to end the leading diagonal. Once finished we should look for a small correction before the next powerful rally higher.

In the short term we expect support at 1.6672 that will protect the downside for the rally higher towards 1.6869. Only a break below 1.6672 will delay the upside pressure for a decline towards 1.6569 before renewed upside pressure takes over again.

Trading recommendation:

Stay long in EUR from 1.6715 and lift your stop to 1.6665. If you are not long in EUR yet, then buy upon a break above 1.6739 with the same stop at 1.6665.

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