17.02.201410:24 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for February 17, 2014

Long-term review

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Today's Support and Resistance levels:

R3: 1.6459

R2: 1.6420

R1: 1.6395

Current spot: 1.6378

S1: 1.6339

S2: 1.6327

S3: 1.6298

Technical summary:

We are looking for a break above resistance at 1.6420 soon, this break will confirm acceleration higher towards at least 1.6632. Short-term support at 1.6339 will ideally protect the downside for the break above resistance at 1.6420 for the expected acceleration higher. An unexpected break below 1.6339 will delay the upside pressure for a move closer to 1.6298 before renewed upside pressure should be seen.

Trading recommendation:

Stay long in EUR from 1.6260 and keep your stop at 1.6210. If you are long in EUR, then buy on a break above 1.6420 with a stop at 1.6320.

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