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Elliott wave analysis of EUR/NZD for November 21 - 2014

2014-11-21-EURNZD-8H.png


Today's support and resistance levels:


R3: 1.5903


R2: 1.5878


R1: 1.5838


Current spot: 1.5809


S1: 1.5772


S2: 1.5735


S3: 1.5680


Technical summary:


The decline from 1.6041 has been much stronger and deeper than expected. This is worrisome, but we have to remember, that second waves are allowed to correct 100% of the first wave, but they can not break the origin of the first wave by even a single pip as that will invalidate the bullish count. So, the origin of blue wave i at 1.5680 needs to protect the downside or the above count is invalidated calling for a 1.5709, but not below 1.5526 (wave ii of the expanded diagonal).


Trading recommendation:


We will await signs of a bottom before engaging to this market.


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