14.11.201413:40 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for November 14 - 2014

Long-term review

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Today's support and resistance levels:

R3: 1.5877

R2: 1.5853

R1: 1.5833

Current spot: 1.5817

S1: 1.5808

S2: 1.5792

S3: 1.5758

Technical summary:

We have seen a temporary low at 1.5724, but the rally of this low, does look corrective. We expect one final low closer to 1.5705 to be seen before wave 4 is over and wave 5 higher towards 1.6446 and 1.6800 will take over. In the short term, a break below support at 1.5808 and more importantly a break below support at 1.5758 will confirm that final decline towards 1.5705.

Trading recommendation:

We will buy EUR at 1.5720 with a stop at 1.5520.

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