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FX.co ★ Elliott wave analysis of EUR/NZD for September 17 - 2014

Elliott wave analysis of EUR/NZD for September 17 - 2014

Elliott wave analysis of EUR/NZD for September 17 - 2014

Today's support and resistance levels:

R3: 1.5943

R2: 1.5893

R1: 1.5878

Current spot: 1.5849

S1: 1.5824

S2: 1.5796

S3: 1.5773

Technical summary:

We are testing of 1.5773 the correction towards 1.5766 we where looking for is over. We will now be looking for a rally above minor resistance at 1.5893 confirming the next impulsive rally higher towards 1.6203 and more likely even to 1.6450. Ideally, we will see minor support at 1.5843 will protect the downside, but only a break below 1.5773 will delay the expected upside pressure, for a slightly more complex correction.

Trade recommendation:

We are long in EUR from 1.5550 with stop at 1.5750. If you are not long in EUR yet, the buy EUR near 1.5773 or upon a break above 1.5893 with the same stop at 1.5750

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