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Elliott wave analysis of EUR/NZD for September 22 - 2014

2014-09-22-EURNZD-8H.png


Today's support and resistance levels:


R3: 1.5939


R2: 1.5900


R1: 1.5858


Current spot: 1.5826


S1: 1.5792


S2: 1.5972


S3: 1.5749


Technical summary:


The expected correction became slightly deeper and a little more complex, than first expected. However, it does not change the overall bullsih picture for a rally higher towards 1.62,03 and even higher to 1.6407. In the short term, we expect minor support at 1.5900 will be able to protect the downside for a break above 1.5939 for the next part of the rally higher to 1.6203 and higher towards 1.6407.


Trading recommendation:


Our stop at 1.5750 was hit for a nice profit. We will re-buy EUR here at 1.5826 with stop place at 1.5735.


The material has been provided by InstaForex Company - www.instaforex.com