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FX.co ★ Elliott Wave analysis of EUR/NZD for November 12, 2013

Elliott Wave analysis of EUR/NZD for November 12, 2013

Elliott Wave analysis of EUR/NZD for November 12, 2013

Today's Support and Resistance levels:

R3: 1.6488

R2: 1.6422

R1: 1.6320

Current spot: 1.6267

S1: 1.6228

S2: 1.6114

S3: 1.6035

Technical summary:

The break above resistance at 1.6294 has forced us to a new short-term count, but our overall bearish expectations are still intact. However, the break above 1.6294 has also opened up more possible counts and the one above is our preferred one. For this count to stay valid, the resistance at 1.6422 may not be broken.

We are currently looking for a break below 1.6228 to confirm that blue wave ii is over and that blue wave iii lower towards at least 1.5812 is developing. In the long term we are looking for wave A and the ongoing C wave to be equal in length, which would call for a wave C target at 1.5525.

Trading recommendation:

Our stop at 1.6245 was hit for a loss. We will re-sell EUR upon a break below 1.6228 and place our stop at 1.6425.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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