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07.04.2014 10:13 AM
Elliott wave analysis of EUR/NZD for April 7, 2014

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Today's Support and Resistance levels:

R3: 1.6012

R2: 1.5991

R1: 1.5965

Current spot: 1.5935

S1: 1.5903

S2: 1.5876

S3: 1.5836

Technical summary:

The decline from 1.6180 is clearly impulsive and the final red wave v is unfolding for a decline towards the ideal target at 1.5530. In the short term we are looking for a minor low near 1.5876 for a minor correction to just below strong support at 1.5975 before the next move lower towards 1.5766 and below. We have to remember, that this is the final move lower in the major correction, which has been unfolding since August 2013 and once this correction is over, we should look for renewed upside pressure.

Trading recommendation:

Stay short in EUR from 1.6175 and lower your stop to 1.5985. If you are not short in EUR yet, then sell near 1.5975 with the same stop.

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