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24.04.201505:58 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for April 24 - 2015

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 24.04.2015 analysis

Technical summary:

We have seen a very strong rally from 1.3880, which indicates that the firm low for wave B is in place. We also have taken out resistance at 1.4237 adding confidence to call for a low being in place. In the short term, we are looking for the break resistance-line to act as support. However, even if this former resistance-line gets broken towards downside, support should be expected near 1.4150 for one more high above 1.4547. More impulsive rally will ultimately take us to a high of 1.7274 high.

Trading recommendation:

We are long EUR from 1.4055 and move our stop to break even. If you are not long EUR yet, then buy near 1.4150 if possible with the same stop at 140.55

Torben Melsted
Analytical expert of InstaForex
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